Bank of New York has announced a global trade services alliance in which it will process Frost Bank’s import letters of credit through Bank of New York’s operation centres in
New York and Asia.
Bank of New York will also provide Frost Bank and its customers with access to its global network and suite of internet-enabled trade products.
Frost Bank is the banking subsidiary of Cullen/Frost Bankers, Inc, a financial holding company headquartered in San Antonio, with assets of US$9.6bn at December 31, 2002. Frost operates 78 financial centres across Texas in Austin, Boerne, Corpus Christi, Dallas, Fort Worth, Galveston, Harlingen, Houston, McAllen, New Braunfels, San Antonio and San Marcos. The corporation provides a full range of business and consumer banking products, investment and brokerage services, insurance products and investment banking services. Founded in 1868, Frost is the largest Texas-based bank.
Bank of New York, founded in 1784 by Alexander Hamilton, is the United States’ oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. With over US$77bn in total assets as of December 31, 2002, the company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, securities servicing and global payment services, corporate banking, BNY Asset Management and private client services, retail banking, and global market services.