Correspondent Clearing Businesses At NationsBanc Montgomery Securities and Morgan Stanley Dean Witter Merge; Deal Announced in May Closed Today.SAN FRANCISCO--(BUSINESS WIRE)--Aug. 3, 1998--NationsBanc Montgomery Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Morgan Stanley Dean Witter & Co. (NYSE NYSE See: New York Stock Exchange :MWD MWD Metropolitan Water District of Southern California MWD Measurement While Drilling (oil drilling) MWD Morgan Stanley Dean Witter (stock symbol) MWD Molecular Weight Distribution MWD Military Working Dog ) today jointly announced the completion of NMS' acquisition of Morgan Stanley Dean Witter's Correspondent Clearing business. While the sum was undisclosed, terms of the asset purchase agreement included the transfer to NationsBanc Montgomery of Morgan Stanley's Correspondent Clearing client accounts and employees. This group will operate as a branch of NationsBanc Montgomery Securities and will be located, for a transition period, in Brooklyn, N.Y. The deal was announced on May 28, 1998. Morgan Stanley Dean Witter & Co. is a global financial services firm and a market leader in securities, asset management and credit and transaction services. The company has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London, Tokyo, Hong Kong and other principal financial centers around the world and has 407 securities branch offices throughout the U.S. NationsBanc Montgomery SecuritiesLLC (NMS See NetWare Management System. ), a subsidiary of NationsBank Corporation, is a full-service investment bank and brokerage firm with approximately $1.9 billion of regulatory capital. The company provides research, trading and issuance in the equity and fixed-income markets (high yield, emerging markets, high grade and mortgage-backed markets). Other services include M&A advisory, financial buyer coverage, loan syndications, global investment banking, real estate finance, mortgage finance, money markets and the primary dealer. Through NationsBank, NMS clients can also access products and services that include senior bank debt, bridge financing, real estate banking, treasury management, trade finance and risk management (derivatives products and foreign exchange). NMS is a registered broker-dealer with the Securities and Exchange Commission and is a member of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. and the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . NMS employs more than 2,700 investment professionals.
CONTACT: NationsBanc Montgomery Securities
Jennifer A. Smith, 415/913-5968
jasmith@montgomery.com
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