The Bank Of New York Company, Inc. To Acquire Corporate Trust Business Of Harris Trust And Savings Bank And Bank Of Montreal

Market Wire, 20050229

The Bank of New York Company, Inc., announced today that it has signed a definitive agreement to purchase through a subsidiary, the Corporate Trust business of Harris Trust and Savings Bank, headquartered in Chicago, Illinois. The Bank of New York has also signed a letter of intent to negotiate an agreement to purchase the Corporate Trust business of Bank of Montreal. Terms of the transactions were not disclosed. The transactions, which are subject to regulatory approval, are expected to be completed respectively during the first and second quarters of this year.

These acquisitions involve the transfer of approximately 1,700 bond trustee and agency relationships in the Structured Finance, Corporate, Municipal and International markets.

The Bank of New York Company intends to provide administrative and relationship management services for these businesses through its subsidiaries in Chicago, New York, Los Angeles and other locations.

Thomas A. Renyi, chairman and chief executive officer of The Bank of New York Company, said, "These acquisitions further strengthen our commitment to both our mid-western and international clients. We look forward to welcoming these important customers and providing them the combined benefits of our exceptional technology and customized relationship services."

Alan G. McNally, chairman and chief executive officer of Harris Bank, said, "The Bank of New York Company is a premier player in the industry and is committed to growing its corporate trust business. We will work very closely with The Bank of New York Company to ensure a smooth and easy transition for our clients."

Mark Ferraris, senior vice president and division head for The Bank of New York Corporate Trust Services said, "These acquisitions supplement our strong market share in several different corporate trust product lines. In addition, our clients will benefit from our expanded commitment to these geographic markets."

The Bank of New York Company is a leading provider of corporate trust and agency services. Its subsidiaries administer a portfolio of more than 70,000 trustee and agency appointments, representing more than $730 billion in outstanding securities for nearly 30,000 clients around the world. The Bank of New York Company is a recognized leader for trust services in several debt products including structured financed securities, corporate and municipal debt.