FU'S INTERNATIONAL BANKING TO EXPAND IN ROANOKE CENTER

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, March 18, 1993                   TAG: 9303180097
SECTION: BUSINESS                    PAGE: A11   EDITION: METRO 
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Medium
FU'S INTERNATIONAL BANKING TO EXPAND IN ROANOKE CENTER
First Union Corp., already a major player in international banking, intends to expand its international operations center in Roanoke.
First Union on Wednesday denied bank-industry reports that it is considering locating its Virginia international operations center in Richmond.
Mary Eshet, head of First Union's international group at Charlotte, said the bank will continue Dominion's existing center in Roanoke. First Union acquired Dominion Bankshares Corp. on March 1.
First Union also has operations centers in Miami and Charlotte to finance transactions of importers, exporters and American subsidiaries of foreign companies.
Eshet said First Union's automated system for international letters of credit and other transactions will be installed at the Roanoke center.
Dominion, she said, provided good service at its international operations center, although its marketing effort was "not proactive." The Virginia center at Roanoke, she said, "has a whole lot of upside potential." First Union will hire trade and marketing representatives to boost business in Virginia.
Eshet said First Union's international department has doubled to 160 people in the past 18 months, because of First Union's rapid growth in recent years and because of acquisitions of banks in Miami, a center of international trade.
First Union Corp. also reportedly is one of the top bidders for the mortgage-related subsidiaries of Sears, Roebuck and Co. The American Banker, an industry newspaper, said First Union is a major contender for "one of the most tantalizing packages to come up in years."
Sandra Deem, a spokeswoman for First Union in Charlotte, said the company would have no comment on the report.
The newspaper said eight bidders are interested in the package, which could go for as high as $800 million. The package includes Sears Mortgage Corp., Sears Savings Bank and Coldwell Banker Real Estate Co.
Sears Mortgage alone services about $30 billion in loans. Sears put the business up for bids last fall as part of its corporate reorganization that will divest units unrelated to its primary retail business.
Other top contenders are PNC Bank Corp. and Householder Commercial Financial Services, according to American Banker. Also said to be in the running are American Telephone and Telegraph Co., GE Capital Corp., ITT Corp. US West and Kohlberg Kravis Roberts & Co.

by Archana Subramaniam by CNB