BANKING & FINANCE - Dec. 29, 1994
From Times Staff and Wire Reports
Bank of New York to Buy BankAmerica’s ADR Business: The company said it will acquire the American depositary receipts business of BankAmerica Corp. for an undisclosed price. The acquisition fits Bank of New York’s strategy of buying businesses that can easily be absorbed by the bank’s securities-processing business and add to profit quickly. Executives earlier this month said annual revenue from securities processing will rise in double digits, in part from acquisitions. Bank of New York said the BankAmerica purchase is expected to close by the end of the week and add to 1994 earnings immediately.
