Word: citicorps
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...American countries provided $300 million to help Argentina meet its payments. The contributors included Mexico ($100 million), Venezuela ($100 million), Colombia ($50 million) and Brazil ($50 million). All except Colombia have big debt problems of their own. In addition, the major banks, led by New York City's Citicorp, offered $100 million in new loans, and Argentina agreed to kick in $100 million from its own reserves...
Indeed, Harvard has made some strong steps in the South Africa issue like the 1980 unloading of Citicorp stock after that bank made a direct loan to the apartheid government, and helping offer scholarships to Black South Africans to come...
...million) in Brown Deer, Wis. "We should be able to adapt more quickly to changes than the big boys can." Some regional banks are trying to fight off possible takeovers by large institutions by merging with other banks. The goal is to become so large that firms like Citicorp cannot easily swallow them up. Mergers also reduce overhead costs by combining such expensive operations as data processing and advertising...
Last week Cleveland's National City ($6.6 billion) announced plans to merge with Columbus' BancOhio ($6 billion). Indus try Analyst James Wooden of Merrill Lynch estimates that by 1995 the U.S. will have only 25 to 35 national banking organizations. Citicorp, BankAmerica and the other leading financial-center banks remain relentless in their determination to knock down the remaining roadblocks to expansion across state lines. The financial giants sometimes lose a round or two, but they always fight back...
Last year the Federal Reserve refused to approve plans by Citicorp, BankAmerica and First Interstate to buy banks in South Dakota, from which they intended to sell insurance across state borders. Unbowed, the banks have now started pressuring Congress for a legislative change to let their strategy go ahead. Citicorp Vice Chairman Hans Angermueller bluntly says that his company's tactic is "to batter at every barrier at all times." With that kind of zeal behind it, full national banking is probably not far away...