After languishing in the shadows of BankAmerica Corp.'s correspondent banking business, the partners in this year's New York megamerger have finally surpassed the San Francisco giant.

The new Chase Manhattan Corp., formed by the merger of Chase and Chemical Banking Corp., reported an average correspondent balance at June 30 of $3.48 billion. That's almost half a billion dollars higher than BankAmerica - No. 2 at $3.06 billion according to American Banker's annual rankings of the top correspondent banks.

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