NATIONSBANK COMPLETES ACQUISITION OF U S WEST FINANCIAL SERVICES INC.
DALLAS, Dec. 7 /PRNewswire/ -- NationsBank Corporation (NYSE: NB) today completed its acquisition of a majority of the assets and businesses of U S WEST Financial Services Inc., a commercial finance company owned by U S WEST Inc. (NYSE: USW). The acquisition includes approximately $2 billion in net receivables. "The specialized expertise this group brings to NationsBank increases our product flexibility and expands our customer base," said NationsBank Vice Chairman James H. Hance Jr. "This is a logical fit for NationsBank, which will greatly enhance our ability to succeed against non-bank competitors." The newly acquired enterprise is now known as Nations Financial Capital Corporation and will operate as a wholly-owned subsidiary of NationsBank. The company will remain headquartered in Stamford, Conn., and will operate under current management. James H. Ozanne, president and chief operating officer of Nations Financial, said, "NationsBank has recognized our achievements and the depth and expertise of our professional staff. By aligning ourselves with the nation's fastest-growing bank, we now have a partner with the desire and capacity to support our growth. "Our association with NationsBank will strengthen our ability to continue meeting the financing needs of the many diverse markets we serve," Ozanne continued. "The hallmarks of our approach -- responsiveness and creativity -- will remain unchanged." Nations Financial operates in niche markets not traditionally served by banks. The company provides capital for corporate finance, commercial real estate and many other industries ranging from manufacturing to transportation, including ocean shipping and inland marine transport, independent power production and other project finance. NationsBank Corporation is a financial services company that provides products and services nationally and internationally to individuals, businesses, corporations, institutional investors and government agencies. NationsBank has a retail banking franchise in nine states and the District of Columbia, and consumer finance offices in 33 states. As of Oct. 1, 1993, NationsBank had assets of approximately $156 billion, making it the third-largest banking company in the United States. -0- 12/7/93 /CONTACT: Martha Larsh of NationsBank Corporation, 214-508-0633/ (NB USW)
CO: NationsBank Corporation; U S WEST ST: Texas IN: FIN SU: TNM
TW -- NY055 -- 1312 12/07/93 13:04 EST
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|Date:||Dec 7, 1993|
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