The Bank of New York is expanding its presence in Asia with the opening of a representative office in Kuala Lumpur. The office offer a variety of products and services, including depositary receipts, custody, transition management, commission recapture, global payments, funds transfer, trade services, execution and clearing. It will not be a deposit-taking or banking office.
Gerald L. Hassell, president of BNY, said, “The opening of our Kuala Lumpur office underscores our long-standing commitment to the Asia-Pacific region and will enable us to both enhance relationships with our current clients and Malaysian government agencies and forge important new ones in this key market. This is a great time to be in Malaysia, and we are excited about the opportunity to contribute to the ongoing transformation of the local financial marketplace.”
Alvin Kwan has been appointed as chief representative of the Kuala Lumpur representative office. A native of Malaysia with more than 16 years of experience in the banking and capital markets industries, Kwan has been a vice president and Malaysian Specialist in Singapore since joining the Bank in 2004. Before that, he served as a director on the boards of both the Bursa Malaysian Derivatives and Bursa Malaysia Derivatives Clearing Berhad and managed a foreign joint-venture brokerage firm.
Kenneth A. Lopian, executive vice president and Head of The Bank of New York’s Asia-Pacific Division, said, “Although our Kuala Lumpur office is new, we are not newcomers here. The Bank of New York has been serving clients in Malaysia for more than four decades. Malaysia is one of the world’s most open economies, and our new office will enable us to meet the growing securities servicing needs of our clients. We have a strong team in place that will offer institutions a true partner, work in a cooperative spirit with government and business officials, and help clients unlock the full potential of their assets.”