NEW YORK -- Republic New York Corp.'s Republic National Bank of New York has acquired Citicorp's World Banknotes Services business.

Republic New York said World Banknotes ships U.S. dollars to and from financial institutions in nearly 40 countries under strict security controls.

Terms of the transaction were not disclosed. A Citicorp spokesman said the sale will not have a material impact on its earnings.

Republic said it conducts its existing banknotes shipping business through branches in New York, London, Tokyo, Hong Kong, and Singapore.

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