Thanks for the opportunity to perform this research!
Global Crossing's relationship with the Bank of Bermuda is not a
direct one. Primarily, Global Crossing is associated with the Bank of
Bermuda in the sense
that they are both Bermuda companies, as you stated. Some emerging
markets funds have large holdings in both Bank of Bermuda and Global
Crossing. GLBX's primary bank is JP Morgan Chase, which has
approximately USD$100M in direct exposure on the Global Crossing deal
and is often regarded as a direct competitor to Bank of Bermuda.
Bank of Bermuda does have an office in the USA. They also maintain a
secondary listing on NASDAQ to parallel their BSX (Bermuda Stock
Exchange) listing under the symbol BBDA.
In February, 2000 Global Crossing acquired IXnet, which offers
financial services to:
"IXnet's blue-chip clients include Morgan Stanley, Goldman Sachs,
Merrill Lynch, Citigroup, Chase, Bear Stearns, Donaldson Lufkin &
Jenrette, Deutsche Bank, ABN AMRO, NatWest, HSBC, Nomura, Sumitomo,
Barclays, Spear Leeds & Kellogg, Fidelity Investments, Janus, many of
the leading ECNs, and leading market data providers such as First Call
and News Edge. Many of IXnet's customer relationships grew out of
existing relationships with IPC, which was founded in the 1970s."
Bank of Bermuda's COO used to be with Citibank.
In North America, I found that Bank of America was associated with
CIBC Mellon in a subcustody relationship. I couldn't find any direct
US relationships. If there are any, it is likely they will be
In conclusion, I assert the following:
- There appears to be no public information relating to Global
Crossing and the Bank of Bermuda having a relationship.
- There appears to be no public information stating who has a
relationship with Bank of Bermuda in the US, but Bank of Bermuda does
refer several times to its partner companies in the United States.
- Global Crossing's primary bank is one of BOB's biggest competitors.
It is unlikely they were ever associated except in GLBX's infancy.
I don't expect a positive response, but i've placed a call to the BBDA
office in New York with the hopes of obtaining a list of banks they
partner with. It is unlikely they will release this information.
I hope this answers your question.
[GLBX01] Global Crossing press release
[SM01] Multiple Google searches, following terms: "bank of bermuda"
citicorp citibank global crossing GLBX BBDA subcustody
[SM02] Ameritrade/Hoover's/CBS MarketWatch/multex research: BBDX GLBX
[SM03] Global Crossing SEC filings
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