NEW YORK - Chemical Banking Corp.'s California trust subsidiary has acquired the shareholder-services business of Bishop Trust Co. Ltd., a Honolulu-based company. Chemical did not disclose the purchase price nor the number of accounts it will acquire.

The shareholder services business has undergone major consolidation in the past few years, with many banking companies shedding their stock transfer units.

Chemical's New York-based Geoserv division is now the second largest shareholder servicer for companies listed on the New York and American stock exchanges, according to Salomon Brothers Inc.

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