THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, April 15, 1995 TAG: 9504150281
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: ASSOCIATED PRESS
DATELINE: NEW YORK LENGTH: Short : 40 lines
NationsBank Corp. is interested in talking to Chase Manhattan Corp. about a possible merger, a move that could create the largest bank in the United States, The Wall Street Journal reported Friday.
The newspaper said it asked James H. Hance Jr., NationsBank's vice chairman and chief financial officer, in an interview if the bank holding company would be interested in pursuing a potential combination with Chase.
``If they had an interest in talking to us, we'd certainly be interested in talking to them,'' Hance replied.
Chase Chief Executive Thomas Labrecque said his company had no interest in such a deal, the paper reported.
The Journal said it is highly unusual for a company to discuss its acquisition interests candidly. Charlotte, N.C.-based NationsBank has not discussed such plans with Chase, and Hance declined to comment on whether his company may approach the New York-based banking giant about a possible deal.
NationsBank's interest came just a week after Heine Securities Corp. President Michael F. Price disclosed in a filing with the Securities and Exchange Commission that his company had raised its stake in Chase to 6.1 percent, hoping to pressure Chase management to improve shareholder value, the paper said.
NationsBank, the nation's fourth-largest bank holding company, runs retail operations from Miami to Washington, and as far west as Texas. Chase is the sixth-largest bank in the United States, with a heavy presence in foreign markets.
The combination of the companies could bring combined assets to about $284 billion, the paper said. by CNB