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FLEET FINANCIAL GROUP CONSIDERS SALE OF UP TO $500 MILLION OF NONPERFORMING ASSETS

 FLEET FINANCIAL GROUP CONSIDERS SALE OF UP TO $500 MILLION
 OF NONPERFORMING ASSETS
 PROVIDENCE, R.I., Sept. 16 /PRNewswire/ -- Fleet Financial Group (NYSE: FLT) is considering a sale of up to $500 million of nonperforming assets, the company announced today.
 If a decision to proceed with the sale is reached in the third quarter -- a decision which would be based on a number of factors, including potential sale prices -- a special reserve of approximately $100 million to $125 million (pre-tax) would be reflected in the results for the period. The potential sale, which would likely be completed within the next six months, is subject to successful negotiation with a buyer or buyers.
 John W. Flynn, vice chairman and chief financial officer, said, "If we proceed with the transaction, our key asset quality ratios would improve considerably."
 Fleet has previously announced that during the third quarter it has recorded a gain of approximately $120 million (pre-tax) in connection with the public sale of approximately 19 percent of the stock of Fleet Mortgage Group, Inc., its mortgage banking subsidiary.
 Fleet Financial Group is a $45 billion diversified financial services company listed on the New York Stock Exchange (NYSE: FLT) with approximately 1,300 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- 9/16/92
 /CONTACT: Robert W. Lougee, Jr., VP, corporate communications, 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, media, 401-278-3003; or Judith B. Ragge, investor, 401-278-6444/
 (FLT) CO: Fleet Financial Group ST: Rhode Island IN: FIN SU:


CN -- NE006 -- 0002 09/16/92 09:44 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
Words:272
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