BNY Clearing Services Selected by HVB Capital Markets Inc. for Global Correspondent Clearing Services.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 17, 2002

BNY Clearing Services LLC, a subsidiary of The Bank of New York, announced today that HVB Capital Markets Inc. selected its fully disclosed correspondent clearing services.

HVB Capital Markets Inc., based in New York City, is the U.S. broker-dealer subsidiary of Bayerische Hypo- und Vereinsbank AG, Munich (HVB). The firm executes dollar and non-dollar equity transactions on behalf of institutional customers in the U.S. and abroad. The company transacts trades in Western and Eastern European and emerging market countries.

HVB Capital Markets will clear through BNY Clearing's International Services Division (BNYCI) based in New York City. BNYCI clears U.S. securities as well as foreign securities in more than 65 countries. HVB Capital Markets will utilize BNYCI's direct and agent bank relationships throughout the world. In addition, BNYCI will establish relationships with HVB affiliate banks in approximately six Eastern European countries where HVB Capital Markets' customers execute trades.

"We are pleased to enter into a relationship with a premier firm such as HVB Capital Markets," commented Francis J. La Salla, president of BNY Clearing Services LLC. "Our global expertise coupled with HVB's presence throughout Europe will establish a unique partnership for both our firms."

Stephan W. Bub, member of the board and chairman of the management committee of HVB Americas, noted, "HVB and The Bank of New York enjoy a number of relationships on multiple levels, and we are pleased that BNY Clearing Services will be our correspondent clearing broker in the United States."

HVB Capital Markets, Inc. is a registered broker dealer in the United States and a member of the National Association of Securities Dealers.

BNY Clearing Services LLC provides securities clearing, execution, and settlement to broker/dealers, banks and other financial intermediaries throughout the world. It is a member of the New York Stock Exchange and other principal exchanges, the National Association of Securities Dealers, and the Securities Investor Protection Corporation. Additional information is available at www.bnyclearing.com.

The Bank of New York Brokerage and Clearing Services sector includes several of the Bank's broker/dealer subsidiaries that focus on serving the institutional and broker/dealer community. The sector also seeks to enhance the performance of correspondents by providing a broad range of value-added non-broker/dealer services for which the Bank is known, including best execution practices, efficient clearing and differentiated value-added products and capabilities.

The Bank of New York, founded in 1784 by Alexander Hamilton, is the nation's oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE:BK), a financial holding company. With over $80 billion in total assets as of June 30, 2002, the Company 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. Additional information on the Company is available at www.bankofny.com.