In a move to expand its securities servicing operations in Asia, Bank of New York has reached an agreement with Hong Kong-based Wing Hang Bank Ltd. for backup asset servicing to Hong Kong issuers of structured debt.
Mark F. Ferraris, a senior vice president at Bank of New York, said the deal will enable the two banks to expand placement and management of securitized assets issued by corporations in Hong Kong.
Bank of New York acquired a 35% stake in Wing Hang Bank in 1988 when it took over Irving Trust Co.
Wing Hang , a full-service bank, has about $6 billion of assets and operates 40 branches in Hong Kong, Macau, and China. It provides servicing for roughly $4 billion worth of assets including mortgages, credit cards, and commercial loans.