BENEFICIAL CORPORATION SUBSIDIARY OPENS OFFICE; 300 JOBS CREATED FOR TAMPA; UNIT BASED ON HARBOUR ISLAND.

WILMINGTON, Del.--(BUSINESS WIRE)--June 15, 1995-- Beneficial Corporation announced today its intent to expand one of its major subsidiaries in Tampa, Fla., ultimately adding approximately 300 full-time and seasonal jobs to the growing presence of Beneficial subsidiaries in the Bay community.

Targeted for opening on Harbour Island within the next 12 months is an expanded customer service operations center for Beneficial National Bank USA (BNB USA), the Company's private-label credit card subsidiary. Growth of BNB USA requires additional space for operations. This expansion will include approximately 200 full-time jobs and up to 100 seasonal employees.

"This move is a further reflection of Beneficial's commitment to the vital business environment in Tampa," said Finn M.W. Caspersen, chairman and chief executive officer of Beneficial Corporation.

The new operations center will use all of the second floor and part of the first floor of what has been the waterfront retail area of Harbour Island, a mixed-use island community now in its 10th year of development. The remaining first-floor space of the retail center will be redesigned to accommodate restaurants, a food court, and retail outlets to better serve the Island's residents and workforce.

Caspersen said the decision to convert a portion of the Island's retail space into a customer service center reflects the continuing commitment of Beneficial to the Tampa market. "However, with more than 2,000 full-time residents and a growing labor force on the Island, we must also focus on a retail and entertainment mix to support the needs and interests of residents and those who work on the island," he added. "We believe this will be the best use of the space."

Earlier this year, the newly created Beneficial Systems Development Corporation, a subsidiary of Beneficial Technology Corporation, was located in Tampa and is expected to employ 100 full-time people when fully operational. "The experience gained from this unit convinced us that Tampa can be a major cost-effective technological hub for Beneficial," Caspersen said.

Other business operations in Tampa include the Southern Group headquarters of Beneficial Management Corporation of America, the headquarters of Beneficial Savings Bank and Harbour Island Inc.

Caspersen concluded that the Island is poised for another period of dramatic growth as it enters its second decade. "We believe the change announced today, coupled with our earlier BSDC announcement, will serve as a springboard for the growth of both Harbour Island and Tampa," he added.

Beneficial National Bank USA, Beneficial Technology Corporation, Beneficial Management Corporation of America, Beneficial Savings Bank, and Harbour Island Inc., are subsidiaries of Beneficial Corporation, a $14 billion, New York Stock Exchange-listed financial services holding company. Subsidiaries of the Company provide financial services through their various consumer-finance, banking and insurance operations located throughout the United States, Canada, the United Kingdom and Germany. The Beneficial finance system includes more than 1,000 offices offering products and services that meet a broad range of consumer credit needs, including credit-related insurance.

CONTACT: Beneficial Corp.

Robert Wade, 908/781-3258

or

Investor contacts:

Karen Pagonis or Thomas P. McGough, 302/798-0800