Bank of NY eyes back office in RP

The Bank of New York is planning to set up back office/software maintenance operations in the Philippines.

This was announced by Board of Investments (BOI) managing head Gregory Domingo.

However, Domingo refused to reveal as of yet how much Bank of New York would be investing for its back office/software maintenance operations here.

Bank of New York’s projected investments is expected to generate employment for some 100 workers.

The Bank of New York, founded in 1784 Bank of by Alexander Hamilton is the United States’ oldest bank and is the principal subsidiary of the Bank of New York Company Inc., a financial holding company.

The BNY Co. provides a complete range of banking and other financial services to corporations and individuals worldwide through its basis businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking and Global Market Services.

If the investment pushes through this year, Domingo is hopeful that it will boost the country’s full year investment figure which is expected to be lower than last year.

The lower investment level this year, Domingo said, is due to the adverse effect of the US-Iraq War and the Severe Acute Respiratory Syndrome (SARS) outbreak which scared off foreign investors and businessmen.

Another US company is also expected to move some of its backroom operations here, but Domingo will disclose the details later.