IRELAND - The Bank of New York (BoNY) and Allied Irish Bank (AIB) have announced they are to enhance their existing joint venture in Dublin by forming a new firm for the domestic Irish and global custody and trustee businesses.
The new joint venture company, AIB/BNY Trust Company, will assume the custody and trustee services delivered currently by AIB.
This strategic move facilitates access by the custody/trustee customers to BoNY’s global services including master custody, performance measurement and securities lending.
In 1994, AIB and The Bank of New York established their first joint venture company in Dublin, AIB/BNY Fund Management, to provide fund administration, fund accounting and transfer agency services to collective investment schemes.
Commenting on the new joint venture company, BoNY president Gerald Hassell, said: The move to incorporate trustee and custody on an integrated basis is a logical expansion of our joint venture with Allied Irish Bank and builds on a successful partnership between two leading financial institutions.”
Colm Doherty, managing director, AIB Capital Markets, Dublin, said: “As AIB are market leaders in the related areas of custody and trustee services, it makes sense for us to enhance further our services by extending our relationship with The Bank of New York, whose global capabilities will complement and considerably expand our offerings.
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