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Custody bank or simply a custodian in finance refers to a financial institution responsible for protecting a firms' or individual's financial assets. The Bank of New York is regarded as the World Best Custody Bank by the Global Finance's “Best Banks 2003”. The role of the cutody bank in such case will be like the following: to protect assets such as equities and bonds, to arrange settlement for any purchases or sales of such securities, to collect information on and income from such assets, to provide information on the underlying companies and their annual general meeting, manage cash transaction, perform foreign exchange transactions if required and so on. The bank is now recognized as the best custodian bank. According to Global Finance, the Bank of New York is known for its versatility to handle all banking needs of the modern multinational. The magazine also declares this bank as long been the World Best Custody Bank.
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