LONDON - Chase Manhattan Corp. is reportedly pondering a sale of private financial services group Fleming Premier Banking.
According to report on Reuters, the Sunday Business newspaper in London quoted industry sources as saying the U.S. bank wanted to concentrate resources on consolidating its global investment banking and asset management position.
It said senior executives felt it would be difficult to justify spending the capital needed to develop the Fleming Premier business, which Chase got as part of the Robert Fleming banking group it bought for some $7.7 billion in April.
A spokesman for Chase in New York said the company would have no comment. A spokesman for the company in London was not available Monday because of a bank holiday.