BOSTON -- Bank of Boston Corp. has made or committed to make $6.8 billion in loans since May 1992, the bank reported Wednesday.
The bank began a credit initiative two years ago and promised to commit $3 billion in loans to England businesses. In 1991, the bank had made only $800 million.
By yearend 1992, the bank was ahead of schedule, having committed or made $2 billion in loans. Bank of Boston then increased its promise to $6 billion.
Known for its national and international lending, the $42.8 billion-asset bank was perceived by customers as not paying enough attention to its own-region, analysis said.
"This program is an attempt to change that image," said Gerard Cassidy, an analyst at Hancock Institutional Equity Investors.
But Mr. Cassidy says that Bank of boston's loan figure may be inflated. "Not every commitment becomes an outstanding" loan because not every customer will draw out the available funds," he said.