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ITT FINANCIAL TO ACQUIRE BOWEST CORPORATION OF CALIFORNIA

 ITT FINANCIAL TO ACQUIRE BOWEST CORPORATION OF CALIFORNIA
 ST. LOUIS, Feb. 18 /PRNewswire/ -- ITT Financial Corporation announced today that its ITT Mortgage Corporation unit has agreed in principal to acquire Bowest Corporation's mortgage loan servicing business and certain other assets. The terms of the transaction were not disclosed. Bowest, of La Jolla, Calif., is one of the United States' 25 largest mortgage servicers. ITT Financial Corporation is one of the leading independent finance companies in North America. Its diversified financial services are offered to consumers and businesses by four operating groups through more than 875 offices in 37 states and the Caribbean Basin.
 ITT is a diversified multinational enterprise engaged, either directly or through subsidiaries, in manufacturing and selling automotive, electronic components, fluid technology, defense, and forest products, and in providing and selling insurance, financial, communication and information, and hotel services. In addition, ITT owns a 30 percent equity interest in Alcatel N.V., the largest telecommunications equipment manufacturer in the world. ITT has approximately 117,000 employees.
 -0- 2/18/92
 /CONTACT: Mike Guimbarda or Alan Witte of ITT, 314-997-3699/
 (ITT) CO: ITT Financial Corporation; Bowest Corporation ST: Missouri, California IN: FIN SU: TNM


TS -- NY053 -- 9902 02/18/92 11:41 EST
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Publication:PR Newswire
Date:Feb 18, 1992
Words:204
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