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DEAN WITTER AND NATIONSBANK FORM STRATEGIC ALLIANCE TO OFFER INVESTMENT PRODUCTS TO BANK CUSTOMERS THROUGH NEW VENTURE

 DEAN WITTER AND NATIONSBANK FORM STRATEGIC ALLIANCE TO OFFER
 INVESTMENT PRODUCTS TO BANK CUSTOMERS THROUGH NEW VENTURE
 NEW YORK, Oct. 26 /PRNewswire/ -- The Dean Witter Financial Services Group Inc., a unit of Sears, Roebuck and Co. (NYSE: S), and NationsBank of North Carolina, a subsidiary of NationsBank Corporation (NYSE: NB), today announced a strategic alliance to market investment products and services primarily to bank customers within a bank environment.
 A subsidiary of Dean Witter and a subsidiary of NationsBank of North Carolina will each own 50 percent of the new firm, which will operate under the name Nations Securities, A Dean Witter/NationsBank Company, and will be headquartered in Charlotte, North Carolina. The two companies have signed a Letter of Intent to form a joint venture, subject to regulatory approval. Nations Securities will be an independent securities brokerage firm and will commence operations in the first quarter of 1993, with approximately 400 Investment Officers located at selected NationsBank banking centers around the country. Nations Securities will be staffed by professionals presently associated with both Dean Witter and NationsBank, and will create new opportunities for employees within both organizations who join the new venture. Nations Securities will also syndicate its business by offering similar products and services through other banks nationwide.
 Philip J. Purcell, Chairman and Chief Executive Officer of Dean Witter Financial Services Group Inc., and Hugh L. McColl, Jr., President and Chief Executive Officer of NationsBank, said today that success in serving bank customers in the years ahead will require both banking expertise and securities expertise. This partnership will combine these complementary skills in a single entity and will position Nations Securities to be the leader in serving the investment needs of bank customers.
 "Dean Witter's partnership with NationsBank is truly a unique alliance which is unprecedented in both the securities and banking industries," Mr. Purcell said. "Dean Witter and NationsBank are ideal partners because we share the same values, are dedicated to serving the consumer and are leaders in our respective industries."
 "The new venture will significantly benefit the bank customer," Mr. McColl said. "Through Nations Securities, the bank customer will be offered a wider range of investment products and services within a familiar local bank environment. We believe this is absolutely the right alliance for the future," Mr. McColl noted.
 Vincent P. Walls, Senior Vice President and Branch Manager of Dean Witter's Chicago office, will leave his position to become President and Chief Operating Officer of Nations Securities. Charles R. King, currently President of NationsBanc Securities, Inc., will be named Executive Vice President of the new company.
 Apart from this new venture, both Dean Witter and NationsBank will continue to operate as independent companies.
 Dean Witter Reynolds is a leading securities firm with more than 350 branches and approximately 7,000 Account Executives serving over 2 million customers. Dean Witter Financial Services Group has posted record profits in each of the last four years and has a history of successful innovation in the area of consumer-oriented financial services.
 NationsBank Corporation is the fourth largest bank holding company in the United States with assets of $118 billion and full-service offices in nine states and the District of Columbia.
 -0- 10/26/92
 /CONTACT: James Flynn of Dean Witter, 212-392-1904, or Ellison Clary of NationsBank, 704-386-8633/
 (S NB) CO: Dean Witter Financial Services Group Inc.; NationsBank Corp. ST: New York, North Carolina IN: FIN SU: JVN


KD -- NY106 -- 5026 10/26/92 16:38 EST
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Publication:PR Newswire
Date:Oct 26, 1992
Words:576
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