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SEARS MORTGAGE SALE TO PNC BANK COMPLETED

 CHICAGO, Nov. 30 /PRNewswire/ -- Sears, Roebuck and Co. (NYSE: S) announced it will complete the sale of Sears Mortgage Banking Group to PNC Bank Corp. (NYSE: PNC) today, concluding the broad repositioning of Sears that was initiated in September 1992. Proceeds from the sale of Sears Mortgage are about $328 million.
 "This is the final step in our repositioning program," said Edward A. Brennan, Sears chairman and chief executive officer. "As a result of the program's success, we have created superior value for our shareholders, reduced our overall debt and focused the company on its core retailing and insurance businesses."
 The Sears Mortgage Banking Group consists of Sears Mortgage Corporation, Sears Mortgage Securities Corporation and Sears Savings Bank.
 -0- 11/30/93
 /CONTACT: Perry Chlan, Sears, 312-875-7079, or Jonathan Williams of PNC Bank Corp., 412-762-4550/
 (S PNC)


CO: Sears, Roebuck and Co.; PNC Bank Corp. ST: Illinois IN: FIN SU: TNM

LD -- NY113 -- 8958 11/30/93 17:58 EST
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Publication:PR Newswire
Date:Nov 30, 1993
Words:160
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