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CHEMICAL AWARDED SCOTTISH LIFE CUSTODY BUSINESS

 NEW YORK, March 29 /PRNewswire/ -- Chemical Bank's Geoserve unit has been awarded custody of 1 billion pounds sterling of United Kingdom and European equities by Scottish Life Assurance Company.
 The contract consists of equity from both life and pension funds, according to Iain H. Beattie, chief investment manager of Scottish Life, who said that the company had asked nine custodians to bid for the business.
 According to Mr. Beattie, "Chemical Global Securities Services was chosen because of the quality of its Cardiff operation and its ability to offer contractual income collection throughout Europe and payment of dividends in sterling for European dividends on due date."
 Chemical Global Securities Services has had rapid growth in assets under custody, averaging annual increases of 30 percent since 1988. According to Jeremiah F. O'Leary, senior vice president, the award of the Scottish Life contract "is one of the larger deals placed recently and sends a signal to the United States and European community that we are a serious player."
 Scottish Life divides its portfolio into four units--North America, UK/Europe, Far East and Australia. Chemical is also custodian for the North American assets.
 Chemical Bank's Geoserve unit offers a complete line of operating services that include domestic and international securities, cash management, corporate trust, funds transfer, trade services and treasury management software applications and development.
 -0- 3/29/93
 /CONTACT: Ken Herz of Chemical Banking Corporation, 212-270-4621/
 (CHL)


CO: Chemical Banking Corporation ST: New York IN: FIN SU

LR-OS -- NY002 -- 0348 03/29/93 09:00 EST
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Date:Mar 29, 1993
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