NEW YORK Bank of New York Co. will continue to be an industry consolidator in the behind-the-scenes world of financial services, officials said at a conference.
The company has made 61 acquisitions since 1994 10 last year with most tied to securities servicing, said company executives at a Salomon Smith Barney investor conference. It also plans to expand upon its corporate trust business, private-client services, and asset management focused on high-net-worth people.
Thomas A. Renyi, chairman and chief executive officer, also said the company has focused on transforming its risk profile. It has sold or left several credit-only relationships, and such relationships declined to 8% of its portfolio last year, compared with 45% in 1994. On the credit-quality front, Mr. Renyi said he expects to continue to be able to increase the companys loan-loss provision while meeting earnings targets.