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Banking

BoNY to provide trustee services to Banco Industrial

Publication: Business News Americas - English News

Provider: Business News Americas

Bank of New York to provide trustee services to Banco Industrial

Guatemala's largest bank Banco Industrial has named Bank of New York (NYSE: BK) to provide indenture trustee, registrar and paying agent services for its US$200mn remittance-backed securities transaction, Bank of New York said in a statement. The US$125mn floating rate notes series 2005-1 and US$75mn floating rate notes series 2005-2 are Banco Industrial's first issuance of securities backed by US dollar remittances generated from within Guatemala.

The Bank of New York manages a portfolio of more than 90,000 trustee and agency appointments, representing US$3tn in outstanding securities.

The US bank has representative offices in Argentina, Mexico and Brazil and offers a full range of securities servicing, global payments, asset management and trade finance products.

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