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FLEET FINANCIAL GROUP ANNOUNCES PRELIMINARY PRORATION ON TENDER OFFER

 PROVIDENCE, R.I., June 22 /PRNewswire/ -- Fleet Financial Group (NYSE: FLT) announced today that it has calculated the preliminary proration factor for the purchase of its Series III and Series IV depositary shares to be 92.814 percent for the Series III depositary shares and 99.529 percent for the Series IV depositary shares. Fleet expects to announce the final proration factor for each series on or before June 29, 1993.
 Based on the preliminary results of the tender offer, Fleet expects to purchase 2,084,000 and 2,080,000 of its Ss? III and Series IV depositary shares, respectively. This will reduce Fleet's preferred equity from $605 million to approximately $505 million, and reduce its annual preferred dividend payout by approximately $10.1 million.
 The Series III depositary shares each represent a one-fourth interest in a share of Fleet's Series III 10.12 percent Perpetual Preferred Stock, and the Series IV depositary shares each represent a one-fourth interest in a share of Fleet's Series IV 9.375 percent Perpetual Preferred Stock.
 Merrill Lynch & Co. acted as dealer manager in connection with the tender offer.
 Fleet Financial Group is a $45-billion diversified financial services company listed on the New York Stock Exchange (NYSE: FLT) with approximately 1,200 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing.
 -0- 6/22/93
 /CONTACT: Robert W. Lougee, Jr. vice president and director, corporate communications, 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, 401-278-3003 (Media); Judith B. Ragge, 401-278-6444 (Investor)/
 (FLT)


CO: Fleet Financial Group ST: Rhode Island IN: FIN SU:

CM -- NE015 -- 4709 06/22/93 17:00 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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