Bank of New York-Inter Maritime Bank Corrects Erroneous Congressional Testimony.

Business Editors

WASHINGTON--(BUSINESS WIRE)--March 10, 2000

Bank of New York-Inter Maritime Bank, Geneva today issued the following statement correcting erroneous statements made in testimony before the U.S. House Committee on Banking on March 9, 2000 by Jonathan M. Winer, former Deputy Assistant U.S. Secretary of State and now counsel of Alston & Bird, Washington, D.C.:

The facts are as follows:

-- Bank of New York-Inter Maritime Bank, Geneva (BNY-IMB) does not provide
correspondent banking services for "Internet gambling companies," whether they
are based in the Caribbean or elsewhere.

-- BNY-IMB has no correspondent banking relationship with Swiss-American Bank.

-- On Oct. 20, 1999, BNY-IMB cancelled its correspondent relations with
Swiss-American Bank immediately after a client of that bank implied, in
Internet publicity, that BNY-IMB was involved in providing services to Internet
gambling companies.

-- BNY-IMB was not and is not involved in providing such services. However, it
should be pointed out that such services are not illegal.

-- Bank of New York-Inter Maritime Bank, Geneva is not a subsidiary of the Bank
of New York. The Bank of New York holds a 27.9 percent stake in BNY-IMB.

-- It is regrettable that Mr. Winer made no effort to check the veracity of his
statement with our bank. Should he have done so, this matter - including the
proper name of our bank (Bank of New York-Inter Maritime Bank, Geneva rather
than, as he described it, "Intermaritime Bank") - could very easily and
promptly have been set straight.

-- Over the past several months, BNY-IMB has endured a series of misleading,
incorrect and unsubstantiated press reports, in their way as fanciful as Mr.
Winer's testimony.

Those with questions should refer them to:

Mr. Shaw McDermott, of Kirkpatrick & Lockhard, LLP, Boston, USA. Telephone + 617-261-3120; Fax: [phone]. In the absence of Mr. McDermott, contact Mr. Ed Lansdale, of Fleishman-Hillard, Inc., New York, USA. Telephone [phone]; Fax: [phone].