In Brief: Chase Sells Greek Retail Banking Business

Chase Manhattan Corp. has sold its Greek retail banking operations to a local bank, a Chase spokeswoman confirmed. The spokeswoman said the decision to sell off the Greek consumer banking business to the Bank of Piraeus was consistent with Chase's objectives of concentrating on corporate cross-border business outside the United States.

The purchase price was not disclosed for the transaction, which is said to include most of Chase's staff as well as the branch in Athens. The agreement is still subject to approval by Greek regulators. Chase has an estimated $176 million of assets in Greece, including a branch in Athens and a representative office in the port city of Piraeus.