Second Bank of N.Y. Employee Indicted

NEW YORK - Svetlana Kudryavtsev, an associate in Bank of New York's Eastern Europe division until she was fired in late August, was charged Tuesday with making misleading statements to federal investigators in their probe into alleged money laundering in Russia.In September a federal grand jury indicted Lucy Edwards, a former vice president in Bank of New York's Eastern Europe division, and her husband, Russian businessman Peter Berlin, on charges of illegally transferring $7 billion of funds through accounts at the banking company.

Ms. Edwards was also dismissed in August. She has denied wrongdoing.

Old National of Ind. In an Insurance Deal

EVANSVILLE, Ind. - Old National Bancorp said Tuesday that it has a deal to more than double its insurance operations by buying Sycamore Agency, Terra Haute, Ind., for an undisclosed price.The 39-employee Sycamore Agency is expected to post 1999 premiums of almost $30 million, while $7 billion-asset Old National's existing insurance operations are expected to bring in $20 million. The banking company said it is building its insurance business to reduce its reliance on lending.

- Michael O'D. Moore

BNP Invests in U.S. Stock Trade Network

CHICAGO - BNP Cooper Neff has taken an equity stake in Chicago-based Archipelago through its U.S. investment subsidiary, Archipelago said.The unit of Banque National de Paris is one of a growing number of financial firms to invest in electronic stock trading networks, which are expected to replace much of the activity of traditional exchanges. J.P. Morgan & Co. and Goldman Sachs Group already have stakes in Archipelago.

B of A Places No. 1 In Donation Ranking

CHARLOTTE, N.C. - Bank of America Corp. is the nation's top corporate giver, according to a new survey by Worth magazine.Bank of America Foundation donated $92 million to charities in 1998, enough to place it first place. Citigroup Inc., which donated $56.5 million, was the next-highest financial services company on the list, placing ninth.

- Louis Whiteman

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