The Bank of New York announced that it has been appointed by Britannia Building Society as successor issuing and paying agent to its existing global commercial paper and certificates of deposit programme. Under the programme, Britannia Building Society may issue commercial paper and certificates of deposit up to a maximum aggregate amount of $2 billion.
The Bank of New York also has been appointed to provide global custody services for Britannia Building Society’s $6 billion proprietary fixed income portfolio.
Steve Nichols, head of treasury at Britannia Building Society, said, “We chose The Bank of New York after an extensive review of current and future requirements and are confident that they will prove to be an excellent choice in the roles of both issuing and paying agent and custody agent.”
“This appointment underscores our commitment to servicing the building society sector and highlights our staff’s experience and expertise in providing corporate trust and global custody solutions,” commented Steven Hodgetts, managing director of global trust services at The Bank of New York. “Britannia Building Society will benefit from our ability to coordinate resources across the Bank to fully support all of its securities processing needs.”