Gota Bank of Stockholm to Buy Hanover Unit
STOCKHOLM -- Gota Bank of Stockholm said it has signed an agreement to buy Manufacturers Hanover Corp.'s Swedish affiliate.
The companies did not disclose the terms. Gota said it will consolidate the operations of Manufacturers Hanover Trust Sverige, pending Swedish regulators' approval.
Manufacturers Hanover Trust Co. said in July 1990 that it would close the Swedish unit. The sale to Gota marks the final step in the phaseout, said a Manufacturers Hanover spokesman in Sweden.
New York-based Manufacturers will continue to cover Sweden from its London branch.