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SOCIETE GENERALE SELECTS THE BANK OF NEW YORK FOR NEW SPONSORED ADR

 NEW YORK, July 8 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) today announced that Societe Generale has selected The Bank of New York as the depositary bank 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.
 Societe Generale is the largest private bank in France and the seventeenth largest in the world. The bank is a diversified financial institution: Domestically, it is pursuing its development as a universal bank by focusing on productivity and marketing efficiency. Internationally, Societe Generale is developing its commercial banking, specialized financing activities and capital market areas such as options and swaps in which it ranks among the major players. It is also increasing its portfolio of major blue chip companies with a view to generate recurrent gains. Societe Generale's shares are among the most actively traded on the Paris Stock Exchange. With a market capitalization of FF50 billion, the bank ranks seventh among French listed companies. It is also one of France's leaders in terms of dividend distribution (FF1.2 billion).
 The Bank of New York is the world's largest depositary for American and Global Depositary Receipt facilities, which allow non-U.S. companies to offer their dollar-denominated securities to investors in the United States. The bank has increased its market position consistently so that by the end of 1992 it accounted for over 50 percent of all sponsored depositary receipt programs. The bank currently issues depositary receipts for more than 650 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 seventeenth largest bank holding company in the United States, with total assets of $40 billion as of March 31, 1993. 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 and other 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- 7/8/93
 /CONTACTS: Michael M. Pascale, vice president of The Bank of New York, 212-495-1041, or Joseph M. Velli, executive vice president of American Depositary Receipts Div., 212-815-2009/
 (BK)


CO: The Bank of New York Company, Inc.; Societe Generale ST: New York IN: FIN SU:

MP -- NY043 -- 9453 07/08/93 11:10 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
Words:428
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