Bank of N.Y. Opens a Branch in Shanghai
NEW YORK - Bank of New York Co. said Wednesday that it has opened a branch in Shanghai, joining a growing roster of banking companies with offices in China.Thomas A. Renyi, chairman and chief executive officer, said in a statement that the Shanghai office will offer trade finance, depositary receipts, cash management, foreign exchange, custody, and securities-related services.
Other U.S. companies - including Citigroup Inc., Chase Manhattan Corp., J.P. Morgan & Co., and Bank One Corp. - have been adding to their networks in China since the early 1990s, and further expansion is likely once China completes a trade liberalization pact with the World Trade Organization.
With the exception of Citigroup, all the companies focus on corporate banking in the region.
Opening an office in Shanghai is part of Bank of New York's effort to focus on corporate services that include securities custody and processing, funds transfer, trade finance, and depositary receipts.
As part of the same strategy, the company this week agreed to sell its Brazilian investment banking unit, Banco Credibanco SA, to Uniao de Bancos Brasilieros SA, also known as Unibanco, for nearly $85 million.
Bank of New York gained a 50% stake in Credibanco when it bought Irving Trust Corp. in 1989; it raised its ownership stake to 91% this year.
- James R. Kraus
Merrill Exec Shifts Emphasize Europe, Tech
NEW YORK - Merrill Lynch & Co. has shuffled managers in its equity capital markets group to focus on technology and boost its profile among European underwriters.Michael P. Ryan was named chairman of equity capital markets, a group he has been running. He also will focus on e-commerce initiatives, Merrill Lynch said.
Jeffrey Edwards and Dante Roscini were named global co-heads of the group; Mr. Edwards is based in New York and Mr. Roscini in London.
Mr. Edwards was co-head of equity capital markets for the Americas, and Mr. Roscini was co-head of the business in Europe.
Brad England will move from London to Palo Alto, Calif., to become head of technology origination, the company said.
Mr. England was co-head of equity capital markets for Europe, the Middle East, and Africa. John Millar will oversee technology origination in Europe from his base in London, where he had been managing director in the capital markets group.
"The technology sector and the European region represent two tremendous growth areas in the investment banking and equities businesses," said Thomas W. Davis, president of Merrill's corporate and institutional client group.
