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OTHER NEWS

From Times Staff and Wire Reports

Manufacturers Hanover May Sell Japan Trust: Manufacturers Hanover Trust Co. said it is in negotiations to sell its trust business in Tokyo to State Street Bank and Trust Co. Manufacturers Hanover said it had applied to the Japanese government for approval of the sale of Manufacturers Hanover Trust Bank (Japan) Ltd. Japan Broadcasting Corp. (NHK) said Manufacturers Hanover Trust’s local affiliate had encountered difficulties because of the prolonged slump in the Tokyo stock market. It also attributed the planned sale to financial problems faced by the U.S. parent, and said it wished to shift to more profitable areas of business.


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