BankBoston Corp. said it completed the sale of Fidelity Acceptance Corp., its consumer finance subsidiary, to Norwest Financial Inc., a subsidiary of Norwest Corp.

BankBoston received $343 million, resulting in an after-tax gain of $40 million. Under the terms of the agreement, Norwest also has repaid $749 million of outstanding debt obligations to BankBoston. Fidelity Acceptance is a 68-year-old company primarily engaged in subprime auto lending.

BankBoston acquired the unit in July 1993, when it bought Society for Savings, a state-chartered savings bank in Connecticut, for $240 million.

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