Chemical Banking Corp. has created two new business divisions in its wholesale banking group to serve clients in emerging markets.

A corporate finance division will work on privatizations, project finance, multinational corporate advisory, and structured trade finance for customers in Latin America, Africa, the Middle East, Eastern Europe, and the former Soviet Union.

Roger M. Widdman, who had been senior managing director of Chemical's corporate finance group, will head the division.

His previous responsibilities will be absorbed by executives in charge of mergers and acquisitions, leasing, and middle market investment banking activites, Chemical said.

A second new capital markets division, focusing on fund raising, debt trading, and distribution activities for developing nations will be headed by Susan L. Segal, a senior managing director. The new division supplants the sovereign finance division, which was headed by Ms. Segal.

Chemical also said it will merge its corporate treasurer's office and its financial institutions group. The new unit will focus on corporate finance and capital markets services for banks and insurance companies.

Zissimos A. Frangopoulos, senior vice president and treasurer of Chemical Banking Corp., will head the group, retaining duties as treasurer. He will report simultaneously to Maurice H. Hartigan, senior managing director in charge of the corporate finance group's multinational banking division, and Peter J. Tobin, executive vice president and chief financial officer.

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