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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 Report September 30, 1996
(Date of earliest event reported)
THE CHASE MANHATTAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5805 13-2624428
(State or other jurisdiction (Commission file (I.R.S. Employer
of incorporation) number) Identification No.)
270 Park Avenue, New York, NY 10017
(Address of principal executive offices) (Zip Code)
(212) 270-6000
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
The Chase Manhattan Corporation (the "Corporation")
announced today that it is launching a co-branded credit card
with Wal-Mart Stores, Inc., called the Wal-Mart MasterCard from
Chase, which will feature no annual fee and a fixed annual
percentage rate of 14.48%.
The Corporation stated that, as with the launch of its other
co-branded programs, the Wal-Mart MasterCard program would
require an up-front investment with little immediate revenue
impact and that during the remainder of 1996 the Corporation
expected to incur approximately $40 million as start-up costs for
the Wal-Mart MasterCard.
A copy of the press release is attached as an exhibit
hereto.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
The following exhibits are filed with this Report:
Exhibit Number Description
- ----------- --------------------------------------
99 Press Release.
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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 hereunto duly authorized.
THE CHASE MANHATTAN CORPORATION
(Registrant)
By: /s/ Peter J. Tobin
-------------------------------
Peter J. Tobin
Chief Financial Officer
Dated: September 30, 1996
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EXHIBIT INDEX
------------------------
Exhibit Number Description
- -------------- -------------------------------
99 Press Release.
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The Chase Manhattan Corporation
270 Park Avenue
New York, New York 10017-2070
[CHASE LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Dale Ingram, for Wal-Mart,
501-273-4314
Charlotte Gilbert-Biro, for Chase,
212-270-7455
Marianne Fulgenzi, for MasterCard,
914-249-5443
WAL-MART MASTERCARD FROM CHASE
DEBUTS IN OCTOBER
BENTONVILLE, Ark., September 30, 1996 -- The home of
Every Day Low Prices is about to become the home of an
everyday low interest rate.
Wal-Mart Stores, Inc. is launching a co-branded credit
card which will feature no annual fee and a fixed annual
percentage rate of 14.48 percent on purchases. The everyday
low interest rate is 3 percent lower than the average APR
for other credit cards. The average APR for standard credit
cards is 17.55 percent, according to RAM Research of
Frederick, Md.
The credit card, called the Wal-Mart MasterCard from
Chase, aligns the world's largest retailer with Chase
Manhattan, the nation's largest bank, and MasterCard. This
straightforward, low fixed interest rate card will help
consumers save money on their credit purchases at Wal-Mart
stores and over 13 million locations which accept MasterCard
around the world.
Beginning Oct. 14, consumers may pick up applications
for the card at any of Wal-Mart's 2,265 stores across the
United States, and on Wal-Mart's World Wide Web site at
http://www.wal-mart.com.
"We have worked hard to create a basic credit card with
a fixed, low interest rate for the working family, which is
what our customers expect from Wal-Mart," said David Glass,
president and chief executive officer of Wal-Mart Stores,
Inc. "This is the first time we have allowed the Wal-Mart
name to be co-branded, and it is consistent with our
reputation that the card will be used to give the average
consumer an everyday low interest rate," Glass added.
Approved card holders who apply for the Wal-Mart
Mastercard from Chase by December 31, 1996, will receive a
$10 savings certificate good on one purchase of $50 or more
when paying with the card at any U.S. Wal-Mart store by
April 30, 1997.
The credit card also offers 9.9 percent APR on balance
transfers for the life of the loan, and customers may choose
their own billing due dates at the beginning, middle or end
of the month.
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"The Wal-Mart Mastercard from Chase offers consumers
the combination of three powerful brands -- Wal-Mart, Chase
and MasterCard -- with all the benefits and privileges of
worldwide recognition and acceptance, as well as a low fixed
interest rate and no annual fee," said Donald L. Boudreau,
vice chairman, The Chase Manhattan Bank. "We expect it to
be a popular addition to our diverse selection of credit
card products, including very successful co-branded programs
with major oil and airline companies."
The card will be supported with extensive national
television and print advertising and direct mail beginning
in early October. Take-one applications and point-of-sale
merchandising will be displayed in the 2,265 Wal-Mart stores
in the United States.
"As a leader and pioneer in co-branding, MasterCard is
very pleased to work with such valued partners as Wal-Mart
and Chase on one of the most important co-branding programs
ever launched," said H. Eugene Lockhart, president and chief
executive officer of MasterCard International. "This card
will surely become a preferred way to pay for millions of
consumers nationwide."
Wal-Mart Stores, Inc. operates in all 50 states,
Argentina, Canada, Indonesia and Puerto Rico, and in Brazil,
China and Mexico under joint-venture agreements. Wal-Mart
(WMT) employs more than 670,000 associates in the United
States and 30,000 internationally.
The Chase Manhattan Corporation is the largest banking
company in the United States, with over $300 billion in
assets. It is also one of the nation's preeminent financial
services companies, with leading positions in credit cards,
mortgage banking, consumer finance, mutual funds and home
banking. Domestically, it has offices in 39 states and
relationships with more than 25 million consumers coast to
coast.
MasterCard International, a payments company with one
of the world's most recognized brands, is dedicated to
helping financial institutions offer consumers a variety of
payment options. MasterCard remains focused on helping
shape the future of money by expanding acceptance of its
global brands (MasterCard (R), Maestro (R) and Cirrus (R),
the world's largest ATM network) and maintaining reliable,
secure networks facilitating global value exchange.
MasterCard has nearly 370 million credit and debit cards
that are accepted at more than 13 million acceptance
locations worldwide. In 1995, gross dollar volume generated
was almost $500 billion.
80713