Bank of New York Putting Up Software Dev't, Maintenance Outsourcing Here
Byline: BERNIE CAHILES-MAGKILAT
Bank of New York, the United States oldest bank, is setting up a software development and maintenance operation in the country signalling as an advance party to President George W. Bush here on October 18.
The project has registered with the Board of Investments under the Information and Technology list of the 2003 Investment Priorities Plan.
The project will only employ less than 100 workers but it is considered significant because this operation is expected to service the bank's operation in the region.
Bank of New York provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, securities servicing and global payment services, corporate banking, BNY asset management and private client services, retail banking, and global market services.
Headquartered at Wall Street, the U.S. financial center, BNY has a strong presence throughout the global capital markets.
The bank has also maintained a consistent strategy of focusing on high-growth, fee-based businesses that has transformed the bank from a traditional commercial bank into the world's premier financial asset servicer.
Its high growth, fee-based businesses comprised 55 percent of total normalized earnings in 2001, up from 27 percent in 1995. …