bulk of its New York City operations to Greenwich, Conn., as part of a move to save $2 million in annual rent and taxes. Frederick C. Hertel, co-chief executive of Creditanstalt's U.S. operations, said the bank will vacate its office at 245 Park Avenue in Manhattan, retaining only a representative office, an Austrian desk, and some trade finance and administrative staff at a smaller office in the same building. The Austrian bank is the latest in a series of financial institutions to leave New York City as a result of high rents, taxes, and space limitations. Swiss Bank Corp. announced at the end of last year it was moving its operations to Stamford, Conn., while National Westminster Bancorp moved its operations to Jersey City in 1993. About 100 Creditanstalt employees are making the move to Greenwich - 20 are already operating at a 35,000-square-foot office the bank has leased there near the Greenwich train station. Besides its New York City branch, the bank has representative offices in San Francisco and Atlanta. Its U.S. assets total $3.5 billion out of some $80 billion worldwide. In the United States the bank runs lending, treasury and trading operations and specializes in wholesale and acquisition finance for middle- market companies, frequently involving an equity stake. Mr. Hertel said the bank will not be getting tax relief or other financial incentives from Connecticut. "We were not enticed there by the State of Connecticut," the banker said. "They have incentives, but they are relatively small in relation to the kind of commitments they want." He added that the move will not result in any operating difficulties, since most of the bank's U.S. customers are located outside of New York. Customers who may want to meet in New York City will be able to use the smaller offices Creditanstalt will keep there. The bank has a national license from the Office of the Comptroller of the Currency and does not need to reapply for a license in Connecticut.
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