CHICAGO -- Concluding a three-year consolidation of overseas operations, Continental Bank Corp. on Monday sold its Milan, Italy, branch to National Westminster Bank.
The purchase price was not disclosed.
Upon conclusion of the transaction, all of Continental's European operations will be administered in London. Asian market operations have already been consolidated in Tokyo.
During 1990 and 1991, Continental lost $96 million in the United Kingdon and $17 million in Asia and Continental Europe.
The company's five Latin American branches, which earned $85 million last year, were not affected by the consolidation.
Foreign Assets Shrink
The Chicago-based company's total assets on the European continent and in Asia have shrunk by 67% since 1988, totaling $1.3 billion at the end of last year.
The company sold its offices in Frankfurt, Paris, Hong Kong, and Singapore in 1991.
National Westminster will take over all of Continental's corporate banking business in Italy, Continental will continue to provide risk management services and other operations through its London office.