SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of the Report: December 19, 1995 Commission file
number 1-5805
CHEMICAL BANKING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-2624428
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
270 Park Avenue, New York, New York 10017-2070
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)270-6000
Items 5. Other Events
Chemical completed today the sale of half its 40 percent interest
in The CIT group to The Dai-Ichi Kangyo Bank for approximately
$430 million. As a result of the sale, Dai-Ichi Kangyo Bank
now owns 80 percent of CIT, with Chemical retaining 20 percent.
Chemical has given Dai-Ichi Kangyo a five-year option to purchase
its remaining 20 percent interest and CIT has given Chemical
public offering registration rights with respect to this 20
percent share, which would take effect at the end of the option
period.
Chemical also noted that the previously announced sale of its
banking operations in southern and central New Jersey to PNC Bank
Corp., which closed on October 6, 1995, was for approximately
$490 million.
Chemical said the two transactions will result in a net gain of
approximately $25 million after taxes, which will be included in
its fourth quarter results.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
The following exhibits are filed with this Report:
Exhibit Number Description
99 Form of Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
CHEMICAL BANKING CORPORATION
(Registrant)
Dated: December 19, 1995 By /s/John B. Wynne
John B. Wynne
Secretary
EXHIBIT INDEX
Exhibit Number Description
99 Form of Press Release
NEWS RELEASE
Chemical Press Contact: John Stefans
212-270-7438
Ken Herz
212-270-4621
Investor Contact: John Borden
212-270-7318
New York, December 15, 1995 -- Chemical Banking
Corporation said that it had completed two transactions in the
fourth quarter as part of its program to free up capital through
the sale of non-strategic businesses.
Chemical announced that it completed today the sale of
half its 40 percent interest in The CIT Group to The
Dai-Ichi Kangyo Bank for approximately $430 million. As
a result of the sale, Dai-Ichi Kangyo now owns 80 percent
of CIT, with Chemical retaining 20 percent. Chemical
said that it has given Dai-Ichi Kangyo a five-year option
to purchase its remaining 20 percent interest and that
CIT has given Chemical public offering registration
rights with respect to this 20 percent share, which would
take effect at the end of the option period.
Chemical also noted that the previously announced sale of
its banking operations in southern and central New Jersey
to PNC Bank Corp., which closed on October 6, was for
approximately $490 million.
Chemical said the two transactions will result in a net gain
of approximately $25 million after taxes, which will be included in
its fourth quarter results.
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