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Article: Fleet seen in $3b deal for N.J. bank
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- December 19, 1995
- Author:
CopyrightCopyright 1995 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Fleet Financial Group Inc. is expected today to announce that it
will buy NatWest Bancorp of New Jersey for more than $3 billion, its
second megamerger this year, people familar with the deal said
yesterday.
The anticipated buyout comes just weeks after Fleet completed its
acquisition of Shawmut National Corp. and signals that chief
executive Terrence Murray wants the Providence bank to be a
powerhouse not just in New England but along the entire East Coast.
NatWest, the US unit of National Westminster Plc of London, has $32
billion in assets, about the same amount as Shawmut.
A deal with NatWest, if completed, would be among the biggest in
US banking. Fleet would have $113 billion in assets ...