Global Finance honors the front-line providers of specialized services that make cross-border investing possible. As investors around the world continue to rush into fast-growing foreign markets to achieve diversified portfolios with the opportunity for higher returns, sub-custodians are being called upon to handle sharply rising volumes of transactions. Markets in Asia, the Middle I East and Latin America are all witnessing big increases in foreign inflows.

Citi's securities business revenue from Latin America rose 62% in 2007. Industrial and Commercial Bank of China saw its custody income increase by 203% last year. HSBC's assets under custody in Hong Kong jumped 85% in 2007.

Some of the biggest increases in custody holdings are occurring in the oil-rich Middle East. The custody assets of HSBC rose by 325% in Jordan last year and by 1,000% in Qatar, the fastest-growing country in the region.

In our sixth annual survey of the Best Sub-Custodians, Global Finance selected the institutions in nine regions and 53 countries that reliably provide the best custody services. Our editors and reporters, with input from expert sources, selected the winners based on a series of objective and subjective criteria that included customer relations, quality of service, competitive pricing, smooth handling of exception items, technology platforms, post-settlement operations, backup systems and knowledge of local regulations and practices.

In selecting the winners, we also considered market share, commitment to the business, experience and number of staff, innovation, direct links to depositories, financial soundness and safety, and range of assets serviced.

REGIONAL WINNERS

NORTH AMERICA

The Bank of New York Mellon

The Bank of New York Mellon is the largest custodian in the world, with more than $23 trillion of assets under custody or administration and $1.1 trillion under management. It also services $12 trillion in outstanding debt. In July 2007 The Bank of New York merged with Mellon Financial, a leading asset management firm. The bank's core custody platform combines a wide range of asset management and securities services. It offers access to securities lending, performance measurement, compliance monitoring, cash management and foreign exchange services. The bank helps institutions and corporations manage their financial assets efficiently and gain maximum returns while reducing risk. The bank's asset-servicing fees totaled $897 million in the first quarter of 2008, an increase of 40% from the same period a year earlier. The Bank of New York subsidiary is the depository for more than 1,300 American and global depositary receipt programs for compati nies based in 63 countries.

www.bnymellon.com

WESTERN EUROPE

BNP Paribas

BNP Paribas is the leading provider of clearing and custody services on a pan-European basis. It is also a major global custodian, with $5.6 trillion in assets under custody at the end of 2007. It offers global liquidity services including securities lending and borrowing, cash management, financing, treasury and foreign exchange. Last year BNP Paribas acquired Exelbank, a subsidiary of Banco Sabadell specializing in custody services in Spain. One of the largest banks in France, BNP Paribas also bought Banca Nazionale del Lavoro in Italy last year. In April of this year BNP Paribas Investment Partners acquired IMS, a London-based multi- manager investment specialist with approximately $10 billion of assets under management and advice. It also recently launched a new asset management company in Saudi Arabia with the Saudi Investment Bank and received a license to establish a fund management firm in Bahrain.

www.bnpparibas.cotn

ASIA ms

Standard Chartered has made a significant investment in its sub- custody and clearing business in the past year and has lured a number of senior managers away from its competitors. In Asia the UK- based bank became the first to offer derivatives clearing in India, the first to provide third-party custody in the Philippines for government securities and the first bank in Asia to pilot the Swift proxy-voting initiative. It also introduced the first web-browser channel for securities services to provide intra-day reporting and corporate action capabilities. Standard Chartered won many new mandates for securities services in Vietnam in the past eight months. The bank now provides funds services across 10 markets in Asia.

www.standardchartered.cotn

AFRICA

Nedbank

Nedbank is a major participant in the South African securities markets, where it provides custodial and settlement services to institutional investors. Nedbank offers corporateevent management and proxy-voting services as well as fund accounting and administration.The bank also offers outsourcing services to manage back-office operations for various participants in the securities industry. Nedbank, part of the Old Mutual Group, has had a branch in London for more than 100 years. It also has branches in Lesotho, Malawi, Namibia, Swaziland and Zimbabwe.

www.nedbank.co.za

CARIBBEAN

HSBC

HSBC acquired the Bank of Bermuda in 2004, strengthening its significant presence in the Caribbean. UK-based HSBC recently entered retail banking in the Cayman Islands, where it has operated trust and insurance businesses for more than 20 years. In Bermuda HSBC is one of the leading providers of sub-custody services to foreign investors. HSBC securities Services' customers include about 90% of all the global custodians who are active in the Bermuda market. HSBC also has offices in the Bahamas and the British Virgin Islands.

www.hsbc. com

CENTRAL/EASTERN EUROPE

UniCredit

UniCredit is the leading regional custodian in Central and Eastern Europe, where it offers securities services in 17 countries. UniCredit Markets & Investment Banking, the bank's custody brand in the CEE, uses a single, region-wide technology platform with high- capacity transaction-processing capabilities and reporting and disclosure features. Custody is a core offering of the investment bank, which also offers foreign exchange and cash management services. UniCredit is also the leading regional provider of fund services and global custody for local clients.

www.unicreditgroup.eu

LATIN AMERICA

Citi

Citi is a leading custodian of crossborder assets worldwide. As of December 31,2007, it had $13.1 trillion in assets under custody. Citi is the largest custodian in Latin America, where it covers the eight biggest mari kets in the region. The bank's Latin American securities business revenues I grew 62% in 2007. Citi offers the broadest capabilities and the most extensive proprietary network in the region. It implemented an interactive corporate action notice board in 2007, as well as a new web channel for securities market information.

www.citigroup.com

MIDDLE EAST

Standard Chartered

Standard Chartered recently opened its new trading floor at the Dubai International Financial Center (DIFC). UK-based Standard Chartered is the first bank at the DIFC to purchase its own premises. It was also the first bank to provide sub-custody services at the DIFC. In addition to holding securities on behalf of institutional investors, it also provides settlement, corporate actions and market information services to customers who trade on the exchange. Standard Chartered was appointed the DIFC's exclusive clearing bank in July 2005. The bank is active throughout the region from offices in Bahrain, Jordan, Lebanon, Oman, Qatar and the United Arab Emirates.

www.standardchartered.com

NORDIC COUNTRIES

Skandinaviska Enskilda Banken

Skandinaviska Enskilda Banken (SEB) is the leading sub-custodian in the Nordic countries of Denmark, Finland, Norway and Sweden. The Stockholm-based bank is also active in the Baltic countries, as well as in Germany, Poland, Ukraine and Russia. Custody Services is a business unit within SEB Merchant Banking. SEB's systems provide fast access to an overview of the client's holdings and speed up the clearing and settlement processes. The bank also keeps its customers updated on any changes or events that could affect the markets in which they invest. SEB is also expanding its asset management sales force in Europe.

www.sebgroup.com

COUNTRY WINNERS

ARGENTINA

Citi

Citi opened its securities services unit in Argentina 20 years ago to serve local and international investors. It is the leading provider of securities services to foreign investors in the country, with a 95% market share. Citi also holds a 65% share of the local custody market. It provides a full range of securities services for both equity and fixed-income markets and assists clients with daily reporting requirements to local authorities and regulatory bodies.

www.citigroup.com/argentina

AUSTRALIA

ANZ

ANZ Custodian Services provides domestic and master custody services for Australian and New Zealand listed securities from its offices in Melbourne and Wellington. Its core custody services cover all asset classes in both countries for domestic and international investors. The bank offers a full range of fund services, as well as settlement and clearing services, securities lending and corporate actions services.

www.anz.com

AUSTRIA

UniCredit

UniCredit is the volume leader in Austrian clearing services, with a market share of more than 30% for remote members of the Vienna Stock Exchange. The exchange has worked hard in recent years to attract foreign trading members. It now has more foreign trading members than domestic ones. UniCredit has a centralized management team based in Vienna that is responsible for its securities services throughout Central and Eastern Europe. www.unicreditgroup.eu

BAHRAIN

Gulf Custody

Gulf Custody was founded in Kuwait in 2001 and entered the Bahrain market two years later as part of its strategy to become a leading provider of fund administration, custodian and settlement services in the Gulf for conventional and Islamic funds. The firm's total assets under custody now total about $8 billion. Gulf Custody provides zakat calculations for tithing and dividend cleansing of tainted income for Islamic funds.

www.gulfcustody.com

BERMUDA

Bank of Bermuda

Bank of Bermuda has been a participant in the Bermuda Stock Exchange (BSX) since the market was established in 1971. The BSX is one of the world's largest offshore electronic securities markets. It lists international and domestic issuers of equity, debt, depositary receipts and derivatives. Bank of Bermuda's global fund services have been combined with various securities services of HSBC, which acquired the bank in 2004.

www.bankofbermuda.com.bm

BRAZIL

Banco Itau

Banco Itau, one of Brazil's largest banks, gained a lot of global custodian, international asset manager and broker-dealer clients when it acquired BankBoston's Brazilian operations from Bank of America in 2006. It already was the largest custodian in Brazil and provided services to about 400 institutional investors. Banco Itau also has a 75% share of the market for shareholder services in Brazil, which gives it an edge in processing corporate actions.

www.itau.com.br

CANADA

CIBC Mellon

CIBC Mellon is a 50/50 joint venture of Canadian Imperial Bank of Commerce (CIBC) and The Bank of New York Mellon. CIBC Mellon, which was formed in 1996, services all types of assets that trade in the Canadian market, including derivatives, income trusts and private placements. In March 2008 it selected EquiLend to automate its securities lending operations. Last November it introduced a new monthly trade match report card that tells investment managers how well they are doing against prescribed guidelines.

www.cibcmellon.com

CHILE

Citi

Citi's Chilean franchise merged into Banco de Chile at the start of this year and has become the sub-custodian in Chile for the Citi network. The merged bank is the leading provider of custody services in the cross-border and local markets. Banco de Chile offers brokerage and securities dealing through Banchile Corredores de Boisa, the largest broker-dealer by volume in the market.

www.citigroup.com

CHINA

Industrial & Commercial Bank of China

ICBC, the country's largest bank in terms of assets, is the leader in securities clearance and settlement services. It has a leading custody market share of about 30%. In 2007 its income from wealth management increased by 381%. The bank achieved rapid growth in fee and commission income as a result of diversification of its income structure and innovation in new products and services. The development of non-interest income is one of its key strategies.

www.icbc.com.cn

COLOMBIA

Citi

Cititrust-Colombia, the securities and fund-services division of Citibank Colombia, is the leading securities services provider for international investors in the country, with a 98% market share. In its local administrator capacity, CititrustColombia provides initial foreign fund approval services, regulatory reporting, capital inflow and outflow registration, payment of taxes and foreign ownership limit controls.

www.citigroup.com

CYPRUS

Citi

Citi extended its direct custody and clearing network to Cyprus in 2006 with remote access through Citibank International's branch in Greece. The Cyprus Stock Exchange and the Athens Exchange introduced a common trading and clearing platform in October 2006 based on systems of the European Union and developed international markets. On January 1 of this year Cyprus adopted the euro, giving further impetus to the growth of the market.

www.citigroup.com

CZECH REPUBLIC

CSOB

CSOB, part of the Belgium-based KBC Group, has a market share in local custody in the Czech Republic of about 25%. CSOB's assets under custody totaled more than $18 billion at the end of 2007. The bank services all assets in the Czech and Slovak markets. CSOB Slovakia has been a shareholder and member of the Bratislava Stock Exchange since it was established in 1992.

www.csob.cz

EGYYPT

National Bank of Egypt

Established in 1898, the National Bank of Egypt (NBE) is the country's oldest and largest commercial bank, With some 423 branches, it accounts for about 25% of the Egyptian banking system's assets. NBE provides many securities-related services to its local and international clients. It is a sub-custodian with local market knowledge and modern technology, NBE was the first bank in Egypt to introduce mutual funds. It has branches in New York and Shanghai as well as representative offices in Johannesburg and Dubai.

www.nbe.com.eg

FRANCE

BNP Paribas

BNP Paribas offers a complete package of securities services for investors in the French equity, fixed-income and derivatives markets. The domestic markets account for less than half of the revenue of BNP Paribas securities Services, which is a worldwide provider of clearing, settlement and custody services.The bank introduced a new product for broker-dealers last September that combines all of these services -with a modular group of back-office applications.

www.bnpparibas.com

GERMANY

Deutsche Bank

Deutsche Bank purchased the wellestablished domestic custody business of Dresdner Bank in 2003, and since then it has made a significant investment in sub-custody. Deutsche Bank provides domestic securities custody in 28 markets in Europe, Latin America and Asia. It boosted its London-based securities clearing business with four senior appointments earlier this year in an attempt to win more broker-dealer business and more financial institution clients.

www.db.com

GREECE

Eurobank EFG

Eurobank EFG is the leading custodian for Greek mutual funds and institutional investors. It is the largest provider of securities services in Greece, with more than $125 billion of assets under custody. The bank has developed a regional custody product, which it intends to introduce in all of the countries of southeastern Europe. It is expanding its clearing, custody and related portfolio services into Romania and Bulgaria.

www.eurobank.gr

HONG KONG

HSBC

As the largest sub-custodian bank in Hong Kong, HSBC handles a significant share of foreign investor funds invested in the market. Foreign institutions account for about 85% of its client base. The bank's assets under custody in Hong Kong increased by 85% in 2007 and represented more than 20% of the total market capitalization. HSBC participated in all of the new listings in Hong Kong last year, handling more than 1 million applications. It will soon introduce a third-party clearing initiative for broker-dealers.

www.hsbc.com.hk

HUNGARY

UniCredit

UniCredit Markets & Investment Banking has expanded in Central and Eastern Europe, pursuing a regional strategy since 1991, when Hungary was among the first countries in the region to open to foreign investors. UniCredit is the largest custodian in the country. Attila Szalay-Berzeviczy, head of custody at the bank, is also chairman of the Budapest Stock Exchange.

www.unicreditbank.hu

INDIA

Standard Chartered

UK-based Standard Chartered was the first international bank to introduce derivatives clearing in India. It provides a one-stop shop for foreign and domestic institutional investors in India for the clearing and settlement of multiple asset classes, including equity and interest rate derivatives on the National Stock Exchange. The product offering includes both futures and options.

www.standardchartered.com

INDONESIA

Standard Chartered

Indonesia is one of 16 markets in Asia where UK-based Standard Chartered provides sub-custody services. The bank has made a significant investment in the business in terms of people and technology. Standard Chartered has had a presence in Indonesia since 1863 and operates branches in the seven largest cities in the country. Over the past two years, the bank has experienced strong growth in its securities services business.

www.standardchartered.com

ISRAEL

Bank Hapoalim

Bank Hapoalim, Israel's largest bank, is the leading sub- custodian for foreign institutional investors. The bank is the country's largest broker and is a member of the Tel Aviv Stock Exchange, where it accounts for approximately 20% of the volume of trading. Bank Hapoalim recently embarked on a major upgrade of the technology system that supports foreign clients' custody business, where it has a market share of about 40%.

www.bankhapoalim.com

ITALY

Intesa Sanpaolo

Intesa Sanpaolo, the leading bank in Italy, offers clearing services for remote traders as well as derivatives clearing and has a growing market share in asset management. Its securities services could be further strengthened with the planned acquisition of the custody business of Banca Monte dei Paschi di Siena, which it is negotiating on an exclusive basis.

www.intesasanpaolo.com

JAPAN

Mizuho

Mizuho corporate bank, part of Mizuho Financial, is the leading subcustodian in Japan and has made major investments in computer systems for asset custody and administration. The bank was established in 2002 by consolidation of Dai-Ichi Kangyo Bank, Fuji Bank and Industrial Bank of Japan. Its global asset and wealth management group provides trust and custody and well as private banking services.

www.mizuhobank.co.jp

JORDAN

HSBC

HSBC has been providing sub-custody and clearing services to foreign clients in Jordan since 1994. The bank handles all of the foreign investment on the Amman Stock Exchange. Its assets under custody rose by 325% in 2007. HSBC is working with the Securities Depository Center to introduce securities lending and borrowing. www.jordan. hsbc.com

KAZAKHSTAN

HSBC

HSBC Bank Kazakhstan is the largest custodian in the country in terms of foreign investors' assets under custody, with a 60% market share. Its assets under custody increased nearly 150% in 2007, and its transaction volume rose 37%. HSBC is a member of the Association of Financiers, which has prepared draft laws to regulate financial markets.

www.hsbc.kz

KUWAIT

Gulf Custody

Gulf Custody provides a wide range of fund custodian, settlement, administration and share registrar services in Kuwait and Bahrain. It has developed an Internet-based application to provide fund managers with access to information on positions and assets held in safekeeping. The company aims to become the leading provider of fund custodian and settlement services in the Gulf markets.

www.gulfcustody.com

LEBANON

HSBC

HSBC Lebanon handles approximately 80% of foreign investors' funds invested in the country, where it has been providing sub- custody services since 1996. The bank offers custody and clearing services to all equity and fixed-income securities available in the market. Its assets under custody grew by 70% in 2007.

www.lebanon.hsbc.com

MALAYSIA

Maybank

Maybank, the leading Malaysian bank, has an edge in local market knowledge. It provides clearing and custody services for both equity and fixed income to global custodians, fund managers, broker- dealers and financial institutions. Maybank is the local specialist in providing custodial services relating to depositary receipts. The bank also provides global custody services.

www.maybank2u.com.my

MEXICO

Banamex

Banamex, one of the leading banks in Mexico, has been providing securities services to international clients for 20 years. Banamex, acquired by Citi in 2001, offers a wide range of securities services and has a direct link with the Securities Central Counterparty. Because the majority of international broker-dealers and major custodian banks use its direct services, Banamex is able to settle a large percentage of its clients' transactions internally.

www.banamex.com

NETHERLANDS

BNP Paribas

The Dutch branch of BNP Paribas is a leading provider of custody and settlement-related services to financial institutions in the Netherlands. The bank's Euronext custody service offers access to the composite markets of Belgium, France, the Netherlands and Portugal. The bank has direct access to all local market infrastructures. It also offers fund administration and related services.

www.bnpparibas.com

NEW ZEALAND

HSBC

HSBC has been providing custody and clearing services to foreign institutional investors in New Zealand since 1990. In 2006 it acquired the sub-custody business of Westpac in Australia and New Zealand. HSBC s transaction volume increased 18 times in 2007 from a year earlier.

www.hsbc.co.nz

OMAN

HSBC

HSBC is the only foreign bank providing sub-custody services in Oman. The bank has provided custody-related services in the country since 1996 and has served foreign investors since 1999. About 50% of HSBC s clients are banks and global custodians, 25% are broker- dealers, and the remaining 25% are domestic clients.

www.oman.hsbc.com

PERU

JPMorgan

JPMorgan Chase offers a wide range of custody and treasury services. In March of this year it was appointed by Cavali, Peru's central securities depository, to provide custody and asset- administration services for its portfolio of global securities. The bank also was recently awarded custody business by the Central securities Depositary of El Salvador.

www.jpmorganchase.com

PHILIPPINES

Bank of the Philippine Islands

Bank of the Philippine Islands (BPI) holds the leading position in trust banking and asset management in the Philippines. BPI Asset Management has more than $7 billion in assets under management. The oldest bank in the Philippines, BPI is owned by conglomerate Ayala. BPI Securities offers online trading of shares.

www.bpi.com.ph

POLAND

Bank Pekao

Bank Pekao, a member of the Uni-Credit group, provides custodial and asset management services. It offers an extensive range of brokerage services through the Central Brokerage House Pekao, a member of the Warsaw Stock Exchange. The bank has a long history of servicing pension and investment funds.

www.pekao.com.pl

PORTUGAL

Banco Espirito Santo

Banco Espirito Santo (BES) provides a full range of custody services to foreign institutional investors and domestic clients, including fund administration and securities lending. BES has a market share of more than 20% in the Portuguese banking market, and its assets under custody have been growing steadily in recent years.

www.bes.pt

QATAR

HSBC

HSBC is the only provider of subcustody and clearing services to foreign investors in Qatar, the fastest-growing economy in the Middle East. HSBC entered the market in 1998, when the first initial public offering was opened to foreign investors. About 10% of HSBC's clients are domestic institutions. The bank's assets under custody rose 1,000% in 2007.

www.qatar.hsbc.com

RUSSIA

UniCredit

UniCredit Bank Russia, the former International Moscow Bank, is a leading sub-custodian in the Russian market. It has focused recently on the automation of corporate actions. The bank made a number of senior-level recruitments in 2007. It owns 13.8% of Micex, one of the largest universal stock exchanges in Russia.

www.imb.ru

SAUDI ARABIA

The Saudi British Bank

The Saudi British Bank's SABB Securities subsidiary is the only subcustodian operating in the Saudi Arabian market. SABB securities' assets under custody increased by more than 600% in 2007, and its transaction volume rose 470%. SABB is 40% owned by HSBC, which has a direct link to the Saudi Stock Exchange (Tadawul).

www.sabb.com

SINGAPORE

DBS

DBS, Singapore's largest bank, has a leading market share of approximately 45% of assets under custody. It has expanded its custody offerings to China, India and across southeast Asia. Last year DBS launched the Islamic Bank of Asia to provide custody for sukuk. DBS has also expanded its product range with an increased focus on securities lending, fund administration, fund processing and hedge fund services. Its assets under custody rose by nearly 20% in 2007.

www.dbs.com

SOUTH AFRICA

Nedbank

Nedbank Investor Services provides custody and settlement services to more than 100 institutional investors. The bank has integrated its custody and securities lending systems. It also offers trustee and fund-accounting services. Nedcor securities, through its affiliation with Auerbach securities, offers research and services for markets in 115 countries.

www.nedbank.co.za

SOUTH KOREA

Korea Exchange Bank

Korea Exchange Bank (KEB) has offered custodial services to foreign investors since 1991. HSBC has proposed buying a majority stake in the bank from US-based private equity investor Lone Star. KEB provides comprehensive custodial and fund administration services, including securities lending, through KEB Investors Services.

www.keb.co.kr

SPAIN

Santander

Santander is the leader in custody products in Spain, with a 30% market share on the Spanish Central Securities Depository.The bank has developed a regional custody platform that automates the processing of corporate actions. Santander has a strong presence in Latin America and is in the midst of a three-year project to unify its global securities operations.

www.santander.com

SRI LANKA

Citi

Citi Sri Lanka offers a -wide range of services to corporate and institutional clients and is a leading subcustodian. Some 242 companies are listed on the Colombo Stock Exchange, which has automated trading, clearance and settlement systems. Citi has had a presence in Sri Lanka since 1979.

www.citigroup.com

SWEDEN

Skandinaviska Enskilda Banken

Skandinaviska Enskilda Banken (SEB) has a 70% market share of assets under custody and acts as clearing agent for remote members in the Swedish securities market. SEB has an extensive operation in northern Europe, where it serves some 400,000 corporate customers. The bank's growing asset management division has a focus on alternative investments.

www.seb.se

SWITZERLAND

Credit Suisse

Credit Suisse is a major provider of custody, securities processing and electronic brokerage services in Switzerland and around the world. In addition to settlement and safekeeping, it provides services related to corporate actions and tax matters. The bank recently opened a wealth management business in India.

www.credit-suisse.com

TAIWAN

HSBC

HSBC is the leading sub-custodian in Taiwan, with a market share of more than 30% of assets of foreign institutional investors. The bank processes the majority of brokerdealer trades. Its assets under custody rose by 29% in 2007, following a 54% increase the year before. Its transaction volume more than doubled last year.

www.hsbc.com.tw

THAILAND

Bangkok Bank

Bangkok Bank, one of the largest banks in Thailand, began offering securities processing services in 1986. It also offers fund supervision and securities registration services. Bangkok Bank plans to introduce an online iCustody service later this year that will include news relating to the Thai capital markets.

www.bangkokbank.com

TURKEY

GarantiBank

GarantiBank is selling its highly successful institutional cross- border custody business to Deutsche Bank, which is eager to expand its offerings in Turkey's fast-growing capital markets. The Turkish bank has been providing custody and clearing services to foreign investors since 1989 and was the sole domestic bank with a significant share of this business.

www.garanti.com.tr

UAE

Standard Chartered

Standard Chartered recently opened the largest trading floor in the Middle East at No. l Dubai International Financial Center. UK- based Standard Chartered coordinates many of its regional activities from the UAE. Investment banking and Islamic banking activities will be housed in the new building. Standard Chartered was appointed the settlement bank as well as a custody bank for the Dubai International Financial Exchange in 2005. www.standardchartered.com

ULTIMA KINGDOM

HSBC

HSBC is one of the leading providers of UK domestic and sub- custody services, with approximately 22% of total assets deposited in Euroclear UK & Ireland, the UK's central securities depository. The bank processed more than 1 million securities transactions for its UK sub-custody clients in 2007. HSBC is working closely with Euroclear in its effort to create a single platform for European cross-border securities settlement.

www.hsbc.co.uk

UNITED STATES

The Bank of New York Mellon

The Bank of New York Mellon's assets under custody and administration increased 9% from a year earlier in the first quarter of 2008 to $23.1 trillion. Asset-servicing fees jumped 40% to $897 million in the first quarter as the bank continued to win a large volume of new accounts. In the fourth quarter of 2007, the bank completed its acquisition of ABN AMRO Mellon Global securities Services, a 50/50 joint venture established by Mellon Bank and ABN AMRO in 2003.

www.bnymellon.com

VIETNAM

HSBC

HSBC provides sub-custody services to nearly 50% of foreign institutional investors in Vietnam, where it was granted the first foreign sub-custodian license in the country. Its assets under custody increased by 265% in 2007, while the number of transactions it processed rose by 700%. In March of this year it received approval in principle from the State Bank of Vietnam to become a 100% foreignowned locally incorporated bank.

www.vn.hsbc.com

Copyright Global Finance Media Inc. Jul/Aug 2008

(c) 2008 Global Finance. Provided by ProQuest Information and Learning. All rights Reserved.

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