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Article: State Street Boston Asks Regulators to Block Bank of New York Move.(Originated from The Boston Globe)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 14, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Feb. 14--State Street Boston Corp. yesterday urged Massachusetts regulators to block Bank of New York Co. from increasing its stake in State Street.
Testifying before the Board of Bank Incorporation, State Street chairman Marshall Carter said letting the New York bank boost its investment would be "seriously disruptive of our efforts to serve our shareholders, customers, employees and local communities."
In January, Bank of New York announced its intention to increase its ownership in State Street from 4.9 percent to 9.9 percent. The bank said then and repeated yesterday that the move was strictly for investment purposes.
But within ...