CHEMICAL & MANUFACTURERS HANOVER DESIGNATE SITES FOR OPERATIONS CONSOLIDATION
CHEMICAL & MANUFACTURERS HANOVER DESIGNATE
SITES FOR OPERATIONS CONSOLIDATION
NEW YORK, Nov. 6 /PRNewswire/ -- As one of the first steps in combining overlapping operations after their merger, Chemical Banking Corporation and Manufacturers Hanover Corporation announced that two of their current operations locations, Hicksville, N.Y., and Wilmington, Del., have been selected as logical sites to consolidate several operations of the combined company.
"The objective is to achieve economies of scale in the near term and to provide capacity for expansion in years to come," said Edward A. O'Neal, vice chairman of Chemical Bank, who will be in charge of the merged bank's financial and technology services. "We believe these consolidations ensure our cost-competitiveness and will provide the enhanced profitability that will ensure future investment and job creation."
Hicksville, Long Island, will be the headquarters for the credit card operations of the new Chemical Banking Corporation, which will have the sixth largest bank credit card portfolio in the United States with four million accounts and $6 billion in outstandings.
Wilmington, Del., has been designated as one of the key data processing centers for the new Chemical Banking Corporation. A new state-of-the-art facility, completed in the autumn of 1990, already houses data processing for approximately 100 of Manufacturers Hanover's back office applications, as well as certain cash management services of its GEOSERVE Division. This facility has the capacity for substantial expansion.
In its Wilmington, Del., operations facility, the new Chemical Banking Corporation plans to add approximately 70 new positions by the end of 1993, some 20 of which are expected to be added by the end of 1992. Offsetting this will be 18 positions at the corporate headquarters of Chemical Bank (Delaware), Wilmington, and 117 positions at Chemical Bank's Newark, Del., credit card processing facility, most of which will be eliminated.
The merger of Chemical Banking Corporation and Manufacturers Hanover Corporation was approved by shareholders of both corporations on Nov. 1, 1991, and, subject to regulatory approval, is scheduled to be completed by Dec. 31, 1991.
/CONTACT: Ken Herz, 302-421-8010 or 212-310-7436, for Chemical Banking; or Judy Walsh, 212-270-2914, for Manufacturers Hanover/
(CHL MHC) CO: Chemical Banking Corporation; Manufacturers Hanover Corporation ST: New York, Delaware IN: FIN SU: JT -- NY049 -- 1718 11/06/91 12:38 EST