BANC ONE AND DEAN WITTER ENTER INTO A PRODUCT AND SERVICING AGREEMENT FOR RETAIL INVESTMENT SERVICES.NEW YORK--(BUSINESS WIRE)--Feb. 21, 1996--BANC ONE CORPORATION, Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. (NYSE NYSE See: New York Stock Exchange :ONE) and Dean Witter Dean Witter may refer to:
DWD Deutscher Wetterdienst (German weather forecasting service) DWD Driving While Distracted DWD Drinking Water Directive DWD Darkwing Duck (cartoon) ) announced today that they have entered into a new long-term agreement whereby Dean Witter will provide investment product and sales support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to BANC [French, Bench.] The location where a court customarily or permanently sits. When a court is sitting in banc (or en banc), it means that a meeting or session of all the judges of a court is taking place. ONE and its retail customers. The agreement creates a strategic alliance which combines Dean Witter's strong technological capabilities and economies of scale with BANC ONE's retail distribution system. BANC ONE currently offers retail investment and insurance services to customers through more than 2,200 licensed personnel. Under terms of this agreement, BANC ONE will continue to manage its licensed personnel and the sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. . The agreement does not involve any equity interests between the two companies. Dean Witter will provide BANC ONE with a comprehensive range of products and services, including training, advanced workstation and broker technology, operations and processing systems, as well as compliance support. It is expected to take up to six months to fully implement the new agreement. David R. Meuse, Chairman and Chief Executive Officer of BANC ONE Capital Holdings Corporation said, "This new strategic alliance enables us to offer state-of-the-art products and services and exceptional operations support while maintaining direct BANC ONE staff contact with all of our customers, which we consider to be important." Meuse continued, "Dean Witter's long history of serving individual investors is in complete concert with BANC ONE. They are an ideal partner and service provider for us." James F. Higgins, President of Dean Witter Financial, said, "Serving the investment needs of bank customers represents an important growth opportunity for us. We are delighted that BANC ONE is becoming part of our bank program, making Dean Witter one of the leaders in serving this growing marketplace. We have a great respect for BANC ONE's values, its commitment to quality and service excellence. We look forward to working closely with them in the years ahead." Dean Witter Reynolds Dean Witter Reynolds was an American stock brokerage catering to the middle class. In 1997, it merged with the Morgan Stanley Group to form Morgan Stanley Dean Witter. The amalgamated firm is now known as Morgan Stanley. Inc., the full-service securities business of Dean Witter, Discover & Co., focuses primarily on serving the investment needs of its individual clients through close to 8,600 Account Executives in 361 branch offices throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . BANC ONE CORPORATION had assets of $90.5 billion and common equity of $7.9 billion at December 31, 1995. BANC ONE now operates 59 banks with 1,502 offices in Arizona, Colorado, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin. BANC ONE also owns several additional corporations that engage in data processing, venture capital, investment and merchant banking, trust, brokerage, investment management, equipment leasing, mortgage banking, consumer finance and insurance. BANC ONE's fourth quarter and full year financial results are available on the Internet through InvestQuest . World Wide Web: http://www.investquest.com Fax-on-demand: 614-844-3860. CONTACT: Timothy F. Lee Dean Witter, Discover & Co. (212) 392-8709 or Jacqueline R. Spak BANC ONE (614) 248-1280 or John A. Russell BANC ONE (614) 248-5989 |
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