NATIONSBANK TO ACQUIRE CHICAGO RESEARCH AND TRADING GROUP, LTD.
CHARLOTTE, N.C., March 17 /PRNewswire/ -- NationsBank (NYSE: NB) said today it will acquire Chicago Research and Trading Group, Ltd., one of the world's largest options market-making and trading firms. NationsBank Chairman and Chief Executive Officer Hugh McColl said the acquisition will significantly enhance the capabilities of NationsBank in serving its corporate and institutional customers. "Chicago Research and Trading Group is a sophisticated, well-managed company," McColl said. "They have experienced, innovative people and a philosophy that complements ours at NationsBank." The purchase is expected to be completed within three months, subject to all regulatory approvals. Chicago Research and Trading Group was founded in 1977 with less than $200,000 in capital. Today it has 750 employees and $250 million in capital. Headquartered in Chicago, CRT also has domestic offices in New York, San Francisco, Philadelphia and Ridgefield, Ct., and international offices in London, Tokyo, Osaka, Japan, Frankfurt and Singapore. NationsBank expects the acquisition to have no impact on employment at CRT and operations at current CRT locations will continue. CRT owns more than 150 memberships on 19 exchanges and trades approximately 75 different options and futures contracts on interest rates, equity indices, petroleum and foreign exchange, as well as other instruments. The company's subsidiary -- CRT Government Securities Ltd. -- is one of 38 primary dealers that reports to and trades U.S. government securities directly with the Federal Reserve. The primary dealer will provide an important, natural extension to current government securities activities at NationsBank. "This is a customer-driven acquisition -- a response to the needs of our corporate and institutional banking customers," said Jim Thompson, Chairman of NationsBank East. "The addition of CRT's capabilities will greatly enhance our ability to meet the financial needs of those clients. We'll be able to offer a broad array of risk-management capabilities to complement our extensive business in the corporate and institutional market. This acquisition is clearly consistent with our strategy of being a value-added financial institution. "With the size, scope and capability NationsBank has achieved, our company increasingly serves as the lead financial institution for many of the largest companies in the United States," Thompson added. "These companies need their lead bank to be able to provide sophisticated risk- management services. The proven expertise of CRT will enable NationsBank to do exactly that." NationsBank Corporation is the fourth-largest banking company in the United States with $118 billion in assets and full-service offices in nine states and the District of Columbia. -0- 3/17/93 /CONTACT: Tim Lubinsky, 704-386-4340, or Martha Larsh, 214-508-0633, both of NationsBank Corporation/ (NB)
CO: NationsBank Corporation; Chicago Research and Trading Group, Ltd. ST: North Carolina, Illinois IN: FIN SU: TNM
CM-SB -- CH007 -- 6979 03/17/93 11:01 EST
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|Date:||Mar 17, 1993|
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