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TELEBRAS SELECTS THE BANK OF NEW YORK FOR NEW SPONSORED ADR

 TELEBRAS SELECTS THE BANK OF NEW YORK FOR NEW SPONSORED ADR
 NEW YORK, N.Y., Oct. 23 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) today announced that Telecomunicacoes Brasileiras, S.A., (Telebras), Brazil's telecommunications company, has selected The Bank of New York as the depositary for its new ADR facility, which has been declared effective by the Securities and Exchange Commission. The ADRs will trade on the over-the-counter market.
 Telebras is a holding company that owns local and long distance telecommunication providers in each of Brazil's 28 states and the Federal District. The company's 28 subsidiaries own about 95 percent of all public exchanges and over 90 percent of the nationwide network of local telephone lines. Telebras is the most actively traded stock in Brazil, typically accounting for over 50 percent of the total trading volume on the Sao Paulo Stock Exchange.
 The Bank of New York manages more sponsored depositary receipt programs than any other depositary bank, making it the world's leading depositary bank. The bank currently issues depositary receipts for more than 649 non-U.S. companies representing 33 countries.
 The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the 15th largest commercial bank holding company in the United States, with total assets of $41.3 billion at June 30, 1992. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities Processing, Trust and Investment Management, and Financial Market Services. The company's stock is traded on the New York Stock Exchange under the symbol BK.
 -0- 10/23/92
 /CONTACT: Michael M. Pascale, vice president, 212-495-1041, or Kenneth A. Lopian, vice president - American Depositary Receipt Division 212-815-2009, both of Bank of New York/
 (BK) CO: The Bank of New York Company, Inc. ST: New York IN: FIN SU:


SM -- NY033 -- 4198 10/23/92 13:27 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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