NationsBank to open trust unit in N.Y.

CHARLOTTE, N.C. -- NationsBank Corp. said it plans to open a trust company in New York, its first such unit in a state where it doesn't have a commercial bank.

NationsBank Trust Co. of New York will open in lower Manhattan on July 11, with six sales and administrative associates. The unit will focus on corporate trust and securities lending and will be led by Robert Landau, who currently runs NationsBank's corporate trust business.

Mr. Landau said the unit will "aggressively pursue new customers." But he added that it will emphasize sales to "Fortune 500 companies that already have banking relation. ships with NationsBank."

NationsBank, the fifth-largest bank holding company, ranks 10th in total trust income, with $371 million of trust fees last year.

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