Big Apple bank looks to take a bigger bite

24 February 2006

Bank of New York is considering boosting the size of its GCC office in Abu Dhabi in response to the growth of its regional business. 'We've seen a significant increase in revenue from the Gulf and should commit more resources to the region,' chief executive officer Thomas Renyi told MEED on 21 February in Dubai. About 10 per cent of the bank's revenue is generated across Eastern Europe, Middle East and Africa. 'We sense in the Gulf that local capital markets have become very active and there is a tremendous amount of liquidity and an intent to integrate into the global market,' Renyi said. 'The level and type of our activity is changing.'

The bank currently offers security services, including operating and custodian services and depository receipts programmes, to issuers, investors and financial intermediaries, as well as treasury and investment management services. It is planning to expand its Islamic finance services. 'We will work with Islamic banks to support issuance. It's not a big part of our business but we're preparing ourselves in response to demand,' Renyi said. The bank also offers wealth management and plans to launch structured credit and real estate investment management in the region through its Alcentra and Urdang businesses respectively. Currently, the bank does not offer client services in the region. 'We may have to establish that here, if things develop,' said Renyi.

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