Federal Reserve Approves Takeover: The nation’s central...
From Times Staff and Wire Reports
Federal Reserve Approves Takeover: The nation’s central bank said it has cleared an application by Barclays Bank of London to take over BA Cheque Corp., a San Francisco subsidiary of BankAmerica. The Fed said Barclays and Barclays PLC had asked for permission to acquire BA Cheque to indirectly sell travelers checks. In return for the transfer of its travelers checks business, BankAmerica will acquire a nonvoting, nonconvertible preferred stock interest in Interpayment Services Ltd. of Poole, England. Interpayment now manages Barclays travelers check interests in the United States.
