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BoNY’s ‘new force’

The Bank of New York has completed its acquisition of RBS Trust Bank from the Royal Bank of Scotland and renamed it The Bank of New York Europe. BoNY says the acquisition, which also includes a stake in RBSI Security Services in Jersey, puts it in a dominant position in the UK pension fund market as well as a strong presence in retail funds, trustee and depositary services. The bank’s CEO Thomas Renyi, says the move “creates a powerful new force in European asset servicing”.

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