The Bank of New York announced today its appointment by Agricultural Bank of China as global custodian for its proprietary global fixed income investments.
Agricultural Bank of China (ABC) is a full-scale commercial bank with business coverage going far beyond its agriculture-based origins, with significant work in the ongoing development of rural areas and rural infrastructure.
ABC has a wide branch network of about 50,000 branches and sub-branches throughout the People’s Republic of China and five overseas offices covering Asia, the United States, and Europe. As of year-end 2000, ABC held aggregate assets of RMB 2,185 Billion (US$ 264 Billion).
Kenneth Lopian, senior vice president, and Asia/Pacific division head at The Bank of New York, said, “We are delighted that Agricultural Bank of China has selected The Bank of New York as its global custodian. This appointment is further evidence that the Bank is committed to expanding its relationship with Agricultural Bank of China and to supporting the growth of the securities marketplace in the People’s Republic of China.”