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THE BANK OF NEW YORK APPOINTED BY GENERAL TRUST OF CANADA AS CUSTODIAN

 NEW YORK, Aug. 19 /PRNewswire/ -- The Bank of New York announced today that Trust General du Canada has selected the Bank as Custodian for its US$325 million US securities portfolio and its US$110 million portfolio of global assets in 19 countries worldwide. Additionally, the Bank will become General Trust's foreign exchange agent for securities- related FX transactions and will provide multi-currency reporting.
 General Trust, headquartered in Montreal, is Canada's fifth-largest trust company and operates 32 branches in the Province of Quebec.
 Michel Martin, assistant vice president of securities operations at General Trust, commented, "The Bank of New York was able to offer everything we were looking for in both US and global custody. In particular, we were impressed by their willingness and ability to initiate a new arrangement with EuroClear to facilitate our EuroClear Stripped Coupon Bonds Processing Program."
 Thomas J. Perna, executive vice president and head of the bank's securities processing sector, said, "Though our core operations provide the foundation of our custody service, our readiness to construct a custom product for each client is the factor that sets us apart from our competitors. We don't operate in a cookie-cutter environment and our clients get the service they require."
 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. (NYSE: BK), which is the 16th-largest bank holding company in the United States, with total assets of $41 billion as of June 30, 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.
 -0- 8/19/93
 /CONTACT: Michael M. Pascale, vice president, 212-495-1041, or divisional, Michael Borkan, vice president, 212-635-1709, both of Bank of New York/
 (BK)


CO: The Bank of New York; General Trust of Canada ST: New York IN: FIN SU:

SM -- NY067 -- 4435 08/19/93 15:23 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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