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THE BANK OF NEW YORK TO ACQUIRE CANADIAN FACTOR

 NEW YORK, Feb. 24 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) announced today that its factoring subsidiary, BNY Financial Corp., has signed a Letter of Intent to acquire the factoring assets of Canadian Financial Corporation (CAFCO).
 CAFCO is one of the leading factors in Canada, with annual factoring volume of $700 million (Canadian). Through its headquarters in Montreal and a branch office in Toronto, it serves 150 clients throughout Canada, primarily in the textile and apparel industries. The Bank said that CAFCO'S management will be retained.
 Joseph A. Grimaldi, president of BNY Financial, said, "The acquisition of CAFCO represents our first entry into the Canadian marketplace. It will allow us to offer a broader range of service to our U.S.-based customers, especially in light of the expected liberalization of trade across our borders. The addition of CAFCO will increase our projected 1993 factoring volume to $8.5 billion which, we believe, will make BNY Financial the largest factor in the United States."
 Howard Fetter, a director of CAFCO, said, "This transaction offers exciting prospects for our customers. It will allow us to expand our traditional factoring services to include lending on factored accounts receivable and trade finance."
 Closing, which is subject to appropriate regulatory approvals, is expected in June. Terms of the transaction were not announced.
 For over 50 years, BNY Financial Corp. has served the factoring needs of leading designers and manufacturers of apparel, as well as the carpet, service, furniture, electronics and toy industries, among many others. BNY Financial is headquartered in New York City, has full- service offices in Atlanta and Los Angeles, and is a member of Factors Chain International.
 The Bank of New York Company, Inc. is the 17th largest bank holding company in the United States, with total consolidated assets of $41 billion and shareholders' equity of $3.5 billion at Dec. 31, 1992. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities Processing, Trust and Investment Management and Financial Market Services.
 -0- 2/24/93
 /CONTACT: Joseph A. Grimaldi, president of BNY Financial Corp., 212-408-7140; Michael M. Pascale, VP, 212-495-1041, or Margaret Southerland, AVP, 212-495-1725, both of The Bank of New York Company/
 (BK)


CO: The Bank of New York Company, Inc. ST: New York IN: FIN SU: TNM

SH -- NY060 -- 0026 02/24/93 15:29 EST
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Publication:PR Newswire
Date:Feb 24, 1993
Words:408
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