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CHEMICAL TO ACQUIRE NATIONSBANK'S SHAREHOLDER SERVICES BUSINESS

CHEMICAL TO ACQUIRE NATIONSBANK'S SHAREHOLDER SERVICES BUSINESS
 NEW YORK, May 5 /PRNewswire/ -- Chemical Banking Corporation's (NYSE: CHL) Geoserve unit has signed a letter of intent to acquire NationsBank's (NYSE: NB) shareholder services business. Chemical Banking Corporation is the number one provider of shareholder services to NYSE-and AMEX- listed companies and is a dominant force in terms of shareholder records managed.
 NationsBank's portfolio is the ninth largest, with over 340 companies and more than 575,000 shareholders. The purchase price for the acquisition, which will be completed in the third quarter, was not disclosed. Chemical Banking Corporation has been executing a growth strategy in shareholder services and in 1991 acquired the stock transfer portfolios of Bank of America and Pittsburgh National Bank.
 "This new acquisition is important in that it brings us a broad base of new customers from the South and Southwest and helps cement Chemical's name in that market. Further, it allows us to increase our profitability by leveraging existing economies of scale," said D'Arcy LeClair, senior vice president and general manager, Chemical Bank.
 It is expected that a Dallas shareholder services office will be opened soon to help service these clients.
 Stock transfer provides services to U.S. corporations and their shareholders, the most notable of which are certificate issuance and registration, dividend payments and record-keeping services for shareholders of record of publicly held companies. Through various subsidiaries, Chemical Banking Corporation has been in the stock transfer business for over 100 years. As part of the transaction, Chemical Banking Corporation will also provide stock transfer services for NationsBank's common and preferred stock issues.
 "We know how important stock transfer services are to companies and their stockholders, which is why we wanted to recommend a successor stock transfer agent that would continue to provide our clients with the kind of quality service they have come to expect from NationsBank," said Tony Guthrie, executive vice president, NationsBank Corporate Trust.
 Chemical Banking Corporation is the nation's third largest bank holding company, with assets of $136 billion and total stockholders' equity of $9.0 billion. Chemical Banking Corporation's Geoserve unit offers a complete line of operating services which provide transaction, fiduciary and information processing services to corporate and institutional customers worldwide.
 -0- 5/5/92
 /CONTACT: Kenneth B. Herz, 212-270-4621, or Lisa Selkin Lupo, 212-270-0222, both of Chemical Banking/
 (CHL NB) CO: Chemical Banking Corp.; NationsBank ST: New York, Texas IN: FIN SU: TNM


LR-OS -- NY003 -- 6377 05/05/92 09:00 EDT
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Publication:PR Newswire
Date:May 5, 1992
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