Word: citicorp
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...Merrill Lynch, is building a gigantic $84 million Teleport on New York City's Staten Island. Its 17 earth stations will be beamed at all domestic and some international satellites and will feed communications into the World Trade Center, skirting the phone company in New York City. Citicorp, the largest U.S. bank, is installing its own $100 million system in Wall Street's financial district, which will take most of its communications out of the phone system. Even Salt Lake City's Mormon Church is getting into the act. Its private microwave link to Brigham Young University...
...bankers, however, were still watching the Latin American conference closely. They have invested $96 billion in the region, and many of those debts are turning sour. Problem foreign loans have more than doubled for Chase Manhattan and Citicorp during the past year. Chase said it considered $976 million of overseas lending to be "nonperforming" as of last June 30, compared with $427 million on the same date a year ago. Borrowers have at least temporarily stopped payments on such loans. Citicorp reported hat its nonperforming foreign loans had climbed to $1.7 billion on June 30, up 143%. Citicorp said...
...agree in effect that all is laissez-faire in economic war: South Dakota was the first state to make it easy for banks to buy insurance companies and thus expand their consumer services. The Governor mailed engraved announcements of the deregulation to the 100 largest U.S. banks. Last month Citicorp won the state banking commission's permission to buy a state-chartered bank in Rapid City...
...have begun patronizing the hundreds of small discount brokers that have sprung up in storefronts and lobbies. Banks also are getting into the act, buying discount brokers and offering their services. Last week, for example, the Federal Reserve permitted Chase Manhattan to acquire Rose & Co. Investment Brokers. BankAmerica and Citicorp already own brokers...
...major private lender to developing countries is Citicorp, which has lent $4.4 billion to Brazil alone. In all, the nine biggest American banks have provided some $70 billion to the most heavily indebted countries, including more than $42 billion to those in Latin America...