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CHEMICAL BANKING CORPORATION COMPLETES OFFERING OF 57.5 MILLION COMMON SHARES AT $27.25 PER SHARE FOR GROSS PROCEEDS OF $1.57 BILLION

CHEMICAL BANKING CORPORATION COMPLETES OFFERING OF 57.5 MILLION COMMON
 SHARES AT $27.25 PER SHARE FOR GROSS PROCEEDS OF $1.57 BILLION
 NEW YORK, Jan. 23 /PRNewswire/ -- Chemical Banking Corporation (NYSE: CHL) said today that its offering of 50 million common shares was oversubscribed and that its underwriters exercised their overallotment option on Jan. 22, bringing the total number of common shares sold through the offering to 57.5 million.
 The offering, priced at $27.25 per share, resulted in gross proceeds of $1.57 billion and net proceeds of $1.52 billion, to be delivered on Jan. 28.
 Including the net proceeds of the stock offering, Chemical Banking Corporation's Tier I risk-based capital ratio at Dec. 31, 1991, would have been an estimated 6.15 percent on a pro forma basis, and its ratio of total shareholder' equity to assets would have been 6.34 percent on a similar basis.
 In addition, including the net proceeds of the offering, at Dec. 31 total shareholders' equity would have been approximately $8.80 billion, and common shareholders' equity would have been approximately $7.21 billion, on a pro forma basis.
 The offering was led by Goldman, Sachs & Co., Lehman Brothers, Merrill Lynch & Co., and Morgan Stanley & Co., Incorporated.
 -0- 1/23/92
 /CONTACT: John Meyers, 212-270-7454, or John Borden (investors), 212-270-7318, both of Chemical Banking/
 (CHL) CO: Chemical Banking Corporation ST: New York IN: FIN SU: OFR


CK-SM -- NY091 -- 2969 01/23/92 15:59 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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