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NATIONSBANK TO ACQUIRE SOME ASSETS AND THE BUSINESS OF U S WEST FINANCIAL SERVICES INC.

 CHARLOTTE, N.C., and ENGLEWOOD, Colo., July 28 /PRNewswire/ -- NationsBank (NYSE: NB) and U S WEST Inc. (NYSE: USW) announced today that NationsBank has agreed to acquire a substantial amount of the assets and the business of U S WEST Financial Services Inc. (USWFS), a corporate finance subsidiary of U S WEST Inc.
 Subject to appropriate regulatory approvals, NationsBank will acquire from USWFS approximately $2.3 billion in net receivables in the following areas of business: Corporate finance, commercial real estate, project finance, special industries, consumer finance, mortgage investments and portfolio management groups. NationsBank will not acquire the leveraged lease portfolio or the USWFS insurance investment subsidiary.
 The transaction is expected to be completed in the fourth quarter. With the addition of USWFS, NationsBank continues to fulfill its longstanding strategy of developing a non-bank business to meet financial services competitors outside the commercial bank arena. USWFS brings the ability to meet niche lending needs not generally fulfilled by commercial banks. In addition, the strong management team that will be joining NationsBank has the specific skills necessary to run the specialized unit.
 Hugh L. McColl Jr., chairman and chief executive officer of NationsBank, said the acquisition complements the previous asset acquisition of Chrysler First, a consumer finance subsidiary now called NationsCredit, by adding a transaction-oriented corporate segment to the company's non-bank arm.
 "Sometimes it can be just as important to acquire specialized management skills and technology as it is to acquire assets," McColl said. "With U S WEST Financial Services, we are getting the complete package. I am very pleased to be increasing our flexibility and our competitive capabilities on the non-bank side -- an increasingly important and profitable area of our company. It provides a framework to continue building depth and breadth in our non-bank financial activities."
 U S WEST previously announced its decision to exit the financial services business.
 "We're pleased to reach this agreement on the sale of USWFS with a strong company like NationsBank," said U S WEST Chairman and CEO Richard McCormick. "U S WEST Financial Services is a sound, profitable business that, like its staff, has performed well. We are selling it to strengthen our strategic direction by focusing on our core telecommunications business, particularly broadband and personal communications services."
 USWFS, which is headquartered in Stamford, CT, will operate as a stand-alone subsidiary of NationsBank with its current management team in place. James H. Ozanne, president and chief executive officer of USWFS and formerly an executive vice president with General Electric Capital Corporation, will retain his position under NationsBank and continue to reside in Stamford.
 U S WEST is in the connections business, helping customers share information, entertainment and communications services in local markets worldwide.
 U S WEST's major subsidiary, U S WEST Communications, provides services to 25 million customers in 14 western and midwestern states.
 NationsBank Corporation is the fifth-largest banking company in the United States with $124 billion in assets and full-service banking centers in nine states and the District of Columbia.
 -0- 7/28/93
 /CONTACT: (Media) For NationsBank: Lynn Drury, 704-386-8153, Tim Lubinsky, 704-386-4340, or Martha Larsh, 214-508-0633; For U S WEST: Lois Leach, 303-793-6355, or Blair Johnson, 303-793-6296/
 (NB USW)


CO: NationsBank Corporation; U S West Financial Services Inc.;
 U S West Inc. ST: North Carolina IN: FIN SU: TNM


CM -- CH012 -- 7016 07/28/93 18:31 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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