BOSTON -- Bank of Boston Corp. said it plans to sell its factoring business to Bank of New York Co. Financial terms were not disclosed.
Under terms of the sale agreement, Bank of New York will assume the division's loan portfolio and factoring volume. A spokeswoman for Bank of Boston said the operations include a $230 million loan portfolio and $3.8 billion in factoring volume.
Once the acquisition is completed, Bank of New York said it will have a projected 1994 volume of $12 billion in factored receivables.
Bank of New York said it expects management will be kept in place in the United States and Canada, and that most employees will be retained. The division employs about 200 people in Boston, Charlotte, N.C., Montreal, and Toronto.
The transaction is expected to close during the first half of 1994.