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State Street Boston Asks Regulators to Block Bank of New York Move.(Originated from The Boston Globe)
Knight Ridder/Tribune Business News, February, 1997 by Stein, Charles
Feb. 14--State Street Boston Corp. yesterday urged Massachusetts regulators to block Bank of New York Co. from increasing its stake in State Street.
Testifying before the Board of Bank Incorporation, State Street chairman Marshall Carter said letting the New York bank boost its investment would be "seriously disruptive of our efforts to serve our shareholders, customers, employees and local communities."
In January, Bank of New York announced its intention to increase its ownership in State Street from 4.9 percent to 9.9 percent. The bank said then and repeated yesterday that the move was strictly for investment purposes.
But within State Street, and throughout the financial world, the announcement was seen as a possible opening...
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