NEW YORK -- Bank of New York Co. does not need mergers to propel growth, because the majority of its businesses are growing at a healthy clip and the rest will get a lift as the economy gathers steam, chief executive J. Carter Bacot told Reuters.

"We want to be able to grow internally regardless of the economic times. We are able to do this. Most banks, I submit, can't, since they don't have the right product mix," he said.

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