Bank Of New York In Trade Services Alliance With Frost Bank

The Bank of New York today announced a global trade services alliance in which The Bank of New York will process Frost Bank's import letters of credit through The Bank of New York's operation centers in New York and Asia.

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The Bank of New York today announced a global trade services alliance in which The Bank of New York will process Frost Bank’s import letters of credit through The Bank of New York’s operation centers in New York and Asia. The Bank of New York will also provide Frost Bank and its customers with access to The Bank of New York’s global network and suite of Internet-enabled trade products.

Howard Bascom, managing director of The Bank of New York’s Global Trade Financial Services Division, explained: “We are delighted to have the opportunity to work with Frost Bank. This agreement reinforces The Bank of New York’s commitment to providing our clients with high quality service and access to our extensive network of trade processing centers. This arrangement will enable Frost Bank and its customers to use our powerful Internet-based technology to increase their efficiency and to better service all of their trade finance needs.”

Frost Bank is the banking subsidiary of Cullen/Frost Bankers, Inc., a financial holding company headquartered in San Antonio, with assets of $9.6 billion at December 31, 2002. Frost operates 78 financial centers across Texas in Austin, Boerne, Corpus Christi, Dallas, Fort Worth, Galveston, Harlingen, Houston, McAllen, New Braunfels, San Antonio and San Marcos. The corporation provides a full range of business and consumer banking products, investment and brokerage services, insurance products and investment banking services. Founded in 1868, Frost is the largest Texas-based bank.

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