Fleet Financial Purchase of Sanwa Unit Near

Fleet Financial Corp. is close to buying Sanwa Bank’s U.S. commercial finance operations for up to $750 million in a move to broaden its geographical reach, sources said. The Boston-based banking company seeks to buy Sanwa Business Credit, a Chicago-based unit of Japan’s Sanwa that provides equipment leasing and secured loans, the sources said, adding an agreement could be announced over the weekend. Officials at Fleet and Sanwa declined to comment. The purchase, one source said, would be for $750 million in cash plus assumption of $5 billion in debt. Fleet stock rose $1.38 to close at $43.31 on the NYSE.