March 7, 1996
N.Y. Group Buys Brazil Rail Line: Brazil sold a 600-mile stretch of railroad to a consortium that includes Chemical Banking Corp. and New York-based holding company Noel Group Inc. for $63 million. The sale--the first of six such rail lines the government plans to auction--fetched 3.6% more than the government sought. It is the first privatized company to be purchased exclusively by foreign investors.
January 17, 1996 |
In a report that is likely to disappoint nervous technology stock investors, Intel Corp. reported lower-than-expected fourth-quarter earnings Tuesday, blaming the results on falling prices and weaker-than-expected demand for personal computer motherboards. Separately, Sun Microsystems Inc. said its profit grew 54% for its fiscal second quarter as the company enjoyed stronger sales of its workstations.
January 6, 1996 |
The Federal Reserve Board on Friday approved the largest banking merger in U.S. history, the $10-billion marriage of Chemical Banking Corp. and Chase Manhattan Corp. The move, by a 6-0 vote, means Chase and Chemical need only the New York State Banking Department's approval to complete the acquisition. "We expect that shortly," Chemical spokesman John Stefans said. Swift approval by New York regulators could allow Chase and Chemical to complete the acquisition before March 31, the bank's goal.
December 16, 1995 |
Chemical Banking Sells Portion of CIT Stake: The New York-based institution sold 20%, or half its stake, of finance company CIT Group to Dai-Ichi Kangyo Bank for about $430 million. The transaction, along with the recently completed sale of most of the bank's New Jersey branches to PNC Bank Corp. for $490 million, will generate about $1 billion for Chemical Banking Corp. to invest elsewhere. Chemical expects to use the money to buy back stock after it merges with Chase Manhattan Corp.
November 2, 1995 |
Chase Manhattan Corp. and Chemical Banking Corp. on Wednesday said they will launch an $18.1-billion, five-year nationwide community-investment program following their merger early next year. But some community groups quickly said the program has serious problems. In a joint announcement, the two banks, whose merger would create the largest bank in the country, said the program would be the largest in U.S. banking. Of the total, $4.2 billion would go to New York state, with $3.
August 29, 1995 |
Who's next? Will Wells Fargo combine with First Interstate? Will GlenFed buy CalFed? Will Bank of America acquire Bank of Boston or be acquired by NationsBank? These are among the questions buzzing around the banking industry in the wake of Monday's announcement that Chemical Banking Corp. will mate with Chase Manhattan Corp. to create the nation's largest bank. The three giant California-based banking companies--Wells Fargo & Co., First Interstate Bancorp and BankAmerica Corp.