Financial Daily from THE HINDU group of publications
Friday, Sep 26, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 26, 2003 |
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Money & Banking
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Foreign Banks Bank of NY to offer outsourced services Our Bureau
Mr Alan R. Griffth, Vice-Chairman, The Bank of New York, at a press conference in Mumbai on Thursday. -- ShashiAshiwal
Mumbai , Sept. 25 BANK of New York is planning to offer to mutual funds and later even to pension funds outsourced services. The bank, with only a representative office in Mumbai, will offer services such as administration, investing and compliance measures for making investments cross-border. The bank's Vice-Chairman, Mr Alan R. Griffith, announced this at a press conference held here on Thursday. In India, the bank — which claims to be the first bank in the US — engages in depository receipts, global payments and trade finance but does not give loans or accept deposits. The bank has no immediate plans to convert its representative office into a branch, said Mr Griffith.
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