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THE BANK OF NEW YORK TO ACQUIRE FACTORING BUSINESS OF BANK OF BOSTON

 NEW YORK, Dec. 7 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) announced today that it has signed a definitive agreement to acquire, through its wholly owned subsidiary, BNY Financial Corporation, the domestic factoring assets of BancBoston Financial Corp., and the Canadian factoring assets of Bank of Boston Canada. The sale is expected to close in the first quarter of 1994. Terms were not disclosed.
 Bank of Boston's Factoring operation serves the textile, carpet, apparel and tire industries and ranks eighth among domestic factors with $3.8 billion in factored volume. Over 250 clients located throughout the United States and Canada are served through offices in Boston, New York, Charlotte, Montreal and Toronto.
 Once the acquisition is completed, The Bank of New York will have a projected 1994 volume of $12 billion in factored receivables, which will solidify its position as one of the largest factors in the United States.
 "We are delighted to build on the existing reputation of BancBoston Financial Corp. for excellent service and to complement that reputation with our capacity for state-of-the-art data processing," said Joseph A. Grimaldi, president of BNY Financial Corp. "We are particularly pleased that the offices in Boston and Charlotte will extend our presence in New England and the southeast."
 It is expected that management will be kept in place in the United States and Canada and that most employees will be retained.
 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 Corp. 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 16th largest bank holding company in the United States, with total assets of $46 billion at Sept. 30, 1993. 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- 12/7/93
 /CONTACT: Michael M. Pascale, VP, 212-495-1041, or Rhonda Barnat, AVP, 212-495-1725/
 (BK BKB)


CO: Bank of New York Company, Inc.; BancBoston Financial Corp.; Bank of
 Boston Canada ST: New York IN: FIN SU: TNM


CK -- NY053 -- 1288 12/07/93 12:44 EST
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Publication:PR Newswire
Date:Dec 7, 1993
Words:402
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