The Bank of New York Celebrates 20 Years in India with Special Events

MUMBAI, India--(BUSINESS WIRE)--Sept. 25, 2003--The Bank of New York will host a reception and sponsor a depositary receipt conference today to commemorate the 20th anniversary of its presence in India.

The Bank of New York's Mumbai Representative Office was established in 1983 and operates under license from the Reserve Bank of India. Through its recent acquisition of Pershing, The Bank of New York also operates a technology center in Chennai that employs over 600 people and provides support for the Bank's execution and clearing businesses around the world.

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The Bank offers a wide variety of products and services to its clients in India and is a market leader in the depositary receipts, global payments and trade finance businesses globally. In 1992, the Bank acted as depositary bank for the first depositary receipt program for an Indian company, Reliance Industries Limited. Through discussions with Indian regulatory authorities, The Bank of New York was instrumental in allowing depositary receipt re-issuances by Indian companies, which began in August 2002. Reliance Industries and Ranbaxy Laboratories Limited are two of the Bank's notable depositary receipt programs that allow for re-issuance.

The Bank of New York has correspondent bank relationships with over 40 Indian banks and facilitated the first cross-border electronic payment solution for the non-resident Indian population of the United States. In addition, the Bank offers an extensive array of global payments products and services and is a founding member of Continuous Linked Settlement (CLSTM), an industry initiative that enables clients to reduce the settlement risk involved in foreign exchange transactions.

Alan R. Griffith, vice chairman and head of the international banking sector at The Bank of New York, said, "Our dedicated staff has extensive expertise in local markets, and we are committed to leveraging their experience so that we can continue to offer innovative products and services to the Indian market. As the capital markets continue to evolve, we will work with our clients and other financial institutions to help them expand their product offerings through our global network and extensive securities servicing and execution capabilities."

Kenneth A. Lopian, executive vice president and head of The Bank of New York's Asia-Pacific Division, said, "The Bank of New York's business with Indian companies has grown tremendously over the past 20 years. We are planning to expand our suite of products and services to include asset management, custody and pension fund servicing. We believe that the Indian economy is fundamentally strong and poised for continued growth, and we look forward to partnering with our clients to be drivers of that growth."

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.

CLS is a trademark of CLS Group Holdings (incorporated as CLS Services Ltd.).