The Bank of New York Mellon Appointed Corporate Trustee by Marfin Egnatia for Its First Covered Bond Programme
December 04 2008 - 11:27AM
PR Newswire (US)
Represents first such programme to be issued directly in Greece
LONDON, Dec. 4 /PRNewswire-FirstCall/ -- The Bank of New York
Mellon, the global leader in asset management and securities
servicing, has been appointed by the Greek bank Marfin Egnatia, to
act as corporate trust provider for its euro 3 billion covered bond
programme. This is the first Greek direct covered bond programme to
be implemented in Greece and involved significant consultation on
the new Greek Covered Bond Law and recently enacted secondary
regulations. As corporate trust provider, The Bank of New York
Mellon will act as trustee, principal paying agent, Luxembourg
listing agent, transfer agent, exchange agent, registrar and
calculation agent. Doros Theodorou, head of Liquidity and Money
Markets for Marfin Egnatia Bank, said: "We were faced with numerous
challenges issuing this bond due to the new jurisdiction and the
structure being the first of its kind. The Bank of New York Mellon
was receptive to our needs and we worked closely together to
overcome these challenges."" "As the world's leading provider of
corporate trust, we have an unrivaled track record in helping
clients launch new, innovative products into the global capital
markets. This programme epitomizes the teamwork and expertise
required to introduce ground-breaking deals and we are proud of our
work with Marfin," said Samir Pandiri, managing director and head
of the International division for The Bank of New York Mellon's
Global Corporate Trust business. Corporate trust providers are
appointed by corporations, municipal governments and other entities
issuing debt to perform a variety of duties, including servicing
and maintaining the debt issue, processing payments for investors,
representing investors in defaults, and providing value-added
services for complex debt structures. The Bank of New York Mellon's
corporate trust business services $12 trillion in outstanding debt
from 56 locations around the world. It services all major debt
categories, including corporate and municipal debt, mortgage-backed
and asset-backed securities, collateralized debt obligations,
derivative securities and international debt offerings. The
consolidation of the three modern and dynamic banks Egnatia, Laiki
and Marfin sets new standards in the Greek banking market with the
creation of a new powerful Bank, Marfin Egnatia Bank. The bank is
the 95%-owned Greek subsidiary of Marfin Popular Bank. Marfin
Egnatia Bank has advanced technological infrastructures, an
extended and ever-growing branch network, and highly trained
officers to cater for any banking needs and provide innovative
products and services to the customers. The Bank of New York Mellon
Corporation is a global financial services company focused on
helping clients manage and service their financial assets,
operating in 34 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury services
through a worldwide client-focused team. It has more than $22.4
trillion in assets under custody and administration and
approximately $1.1 trillion in assets under management. Additional
information is available at bnymellon.com. This release is for
informational purposes only. The Bank of New York Mellon provides
no advice nor recommendation or endorsement with respect to any
company or securities. Nothing herein shall be deemed to constitute
an offer to sell or a solicitation of an offer to buy securities.
Depositary Receipts: Not FDIC, State or Federal Agency Insured; May
Lose Value; No Bank, State or Federal Agency Guarantee. DATASOURCE:
The Bank of New York Mellon Corporation CONTACT: Kevin Heine of The
Bank of New York Mellon Corporation, +1-212-635-1569, Web Site:
http://www.bnymellon.com/
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