The Senate will hear testimony on bank mergers.
Senate Banking Committee Chairman Sen. William Proxmire (D-Wis.) said the panel will hold hearings Jan. 28 on corporate takeover issues, including hostile bank mergers such as First Interstate’s proposed takeover of BankAmerica. Meanwhile, BankAmerica said it has discussed the private sale of equity securities to a number of foreign banks as well as other institutional investors. The bank plans to raise about $500 million in new capital through such a sale.
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