FOR IMMEDIATE RELEASE: FRIDAY, May 17, 1996

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by SNBNY Holdings Limited, Marine Bay, City of Gibraltar, to acquire 173,790 of the voting shares of Safra National Bank of New York, New York, New York. As a result, SNBNY Holdings Limited will hold approximately 100 percent of the outstanding stock of Safra National Bank of new York.

According to standard procedure, the proposal cannot be completed for 15 days, pending review by the Justice Department.

The Reserve bank acted under authority delegated by the Board of Governors of the Federal Reserve System.