The first area of mutual cooperation to be launched is for Global Custody services, where State Street and Bermuda Commercial Bank have executed an agreement for State Street to act as sub- custodian to BCB, Gary Enos, Senior Vice President of State Street Bank and Trust Company commented: "State Street is the leading provider of global custody and accounting services to Institutional Investors worldwide. We have invested heavily in a fully integrated system which supports global custody in over 80 markets, providing fund accounting and daily pricing around the world. This technology advantage allows State Street to leverage its full service capabilities. Our proven technology will continue to allow State Street to effectively support our global clients as they develop new distribution channels for their products and require ongoing support on a €˜local' basis."
The agreement gives BCB access to this world-class technology and gives State Street access to the important Bermuda marketplace. The agreement gives BCB's clients, existing and new, the security and convenience of a local custodian with the economy and reporting sophistication of the best of class technology developed by State Street Bank.
BCB will be introducing this exciting new development to Bermuda jointly with SSB through presentation to both existing and prospective clients. Initial contact has been very encouraging; the partners foresee attracting significant levels of business under the umbrella of their Strategic Alliance.
The contact person at Bermuda Commercial Bank for these services is Shiela Dickinson, General Manager, Global Custody. Telephone: Bermuda 295-5678.