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CHEMICAL BANK SETS UP OPERATIONS IN DUBLIN'S INTERNATIONAL FINANCIAL SERVICES CENTRE; ESTABLISHES PRESENCE FOR CHEMICAL IN KEY OFFSHORE SITE

 NEW YORK, Jan. 14 /PRNewswire/ -- Chemical Banking Corporation's (NYSE: CHL) Geoserve unit today announced the establishment of operations in the International Financial Services Centre (IFSC) in Dublin, through its acquisition of Irish Life's IFSC licenses. The terms of the acquisition were not disclosed.
 Jeremiah F. O'Leary, senior vice president of Chemical Bank and general manager of the Global Securities Services Division of its Geoserve unit, discussed the rationale for the acquisition. "Building a presence in a key offshore center was a logical step in the expansion of our securities services business. Wvailable to our existing and prospective clients."
 He continued, "We chose the Dublin International Financial Services Centre because it has the sponsorship of the Irish Government and is fully sanctioned by the European Community. As a result, this location provides access to the entire EC market and comes complete with a comprehensive set of tax treaties in addition to its own very favorable tax environment. Dublin is rapidly becoming a major center for offshore fund management."
 New Companies
 The companies operated under the IFSC licenses will become part of the Global Securities Services Division (GSS) of Chemical Bank's Geoserve unit. Geoserve is Chemical Bank's technology-driven global wholesale services arm that provides cash management, funds transfer, securities processing, corporate trust and trade services to corporations and financial institutions worldwide. Geoserve's annual revenues exceed US$700 million.
 Global Securities Services provides domestic and global custody, dealer and broker clearance, securities lending and master trust services to nearly 2,400 clients in more than 40 countries. Chemical Bank holds more than US$1.4 trillion assets in custody, including US$100 billion in cross-border assets.
 The two main licenses acquired from Irish Life will operate as separate companies under the names Chemical Fund Administrators Ltd. and Chemical Custody & Trustee Services Ltd.
 Chemical Fund Administrators Ltd. will offer fund managers and promoters administrative and ancillary services relating to the issue, redemption and conversion of units in collective investment schemes in accordance with the UCITS directives adopted by the member states of the European Community.
 Chemical Custody and Trustee Services Ltd. will act as custodian and/or trustee on behalf of client fund management companies.
 John Walley, chief executive of Chemical's International Financial Services Centre operations, commented, "Chemical's resources, global reach and expertise will provide an excellent base for continuing the development and expansion of the companies' businesses." He also observed that Chemical's decision to maintain a presence in Dublin was a strong vote of confidence in Ireland and in the International Financial Services Centre in particular.
 Chemical Bank is a wholly owned subsidiary of Chemical Banking Corporation (NYSE: CHL), which is headquartered in New York and is the third largest bank holding company in the United States. As of Sept. 30, 1992, Chemical Banking Corporation had assets of US$138.8 billion and shareholders' equity of US$9.64 billion. Its estimated Tier I risk- based capital ratio under the 1992 guidelines was 7.0 percent.
 The International Financial Services Centre, located near the center of Dublin, is an urban renewal project sponsored and backed by the Republic's government and sanctioned by the European Community. The project was conceived to foster the growth of financial services activities in the Republic, and qualifying financial operations receive special tax incentives to operate within the Centre. More than 200 companies are currently licensed to operate from the IFSC.
 -0- 1/14/93
 /CONTACT: Lisa Selkin Lupo, 212-270-0222, or Ken Herz, 212-270-4621, both of Chemical Banking/
 (CHL)


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

SH-GK -- NY053 -- 4950 01/14/93 14:21 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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