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NCB AND FEDERAL RESERVE REACH AGREEMENT ON CLOSING OF NEW YORK BRANCH

NCB AND FEDERAL RESERVE REACH AGREEMENT ON CLOSING OF NEW YORK BRANCH
 JEDDAH, Saudi Arabia, Sept. 17 /PRNewswire/ -- An agreement was reached between the National Commercial Bank (NCB) and the Federal Reserve aimed at facilitating the process of closing NCB's New York branch and repatriating the branch's excess liquidity back to head office after it had paid all its depositors.
 The agreement requires NCB to provide the Federal Reserve with a letter of credit for the amount of $22 million as a temporary procedure until the Federal Reserve completes all its investigations. The Federal Reserve agreed that if a penalty is to be imposed on the bank the maximum amount that NCB will be liable for will not exceed $22 million under any circumstance. In return, NCB New York branch will be allowed to repatriate its liquidity without any objections.
 The National Commercial Bank is confident that, in due course, it will be vindicated from all charges against the bank. NCB will do all that is required to prove it is completely innocent of any wrongdoing. The bank continues to refute all charges raised against it by the Federal Reserve on July 2, 1992, as being unfounded.
 -0- 9/17/92
 /CONTACT: Keith Anderson of Carl Byoir & Associates, in New York, 212-210-6002, for NCB/ CO: National Commercial Bank ST: IN: FIN SU:


GK-OS -- NY081 -- 0806 09/17/92 16:07 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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