NEW YORK -- Chemical Banking Corp. may sell up to 10 small business that have low revenue growth, said chief financial officer Peter Tobin.

Among the possible candidates: Small banks owned by Chemical's Texas subsidiary and some business that provide operating services to corporations.

"We are looking at five to 10 smaller business for possible divestiture," Mr. Tobin told securities analysts Wednesday.

May Form Alliances

In some cases, the bank might form alliances with outside parties, rather than selling operations outright, he said.

Chemical's Texas Commerce Bancshares Inc. has sold four small banks this year and may sell others, Mr. Tobin said. "We are looking at selling in areas where we don't have dominant market share."

Overseas Units May Go

Some foreign subsidiaries are also probably on Chemical's list, according on to analysts. They speculated that Chemical would be willing to sell its stakes in banking operations in Spain and Portugal.

Chemical is also looking to buy business that would add volume and market share to its credit card, trust, and mortgage banking units, Mr. Tobin said.

Looking at New Jersey

The executive reiterated that the bank would like to acquire branches would not rule out an acquisition of a regional bank, he said.

Separately, Mr. Tobin said Chemical expects to receive more than $200 million from past-due Argentine bonds over the next two quarters and another $200 million in Brazilian bond payments early next year.

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