NEW YORK -- Bear, Steams & Co. and Generale Bank, the largest Belgian bank, have announced a joint effort to develop asset securitization in Belgium.

The two institutions said they would collaborate on all aspects of the securitization process.

This joint effort would include the development of software and computer systems, establishment of a legal and regulatory framework for securitization, and education of potential issuers and investors about the market.

The collaborative agreement is the first of its kind in Belgium and the third in Europe for Bear Steams, which is already involved in cooperative arrangements to develop securitization in France and in Spain.

Generale Bank is the 25th-largest Bank in Europe, and ranks 581h among banking companies worldwide, with assets of $101.6 billion as of yearend 1993.

The group as a whole comprises some 150 banks and companies of various sizes, employing more than 24,000 people in total.

The bank covers the whole of Belgium with a network of 1,100 branches and is active as a European superregional bank with a strong presence in its neighboring countries.

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