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OLD TENSIONS between MasterCard and its European ally, Europay, have subsided and the two managements are focusing on growth and competition like never before. Page 10


In a pre-emptive lobbying strike, a coalition of banking and retail trade groups next week plan to run print advertisements urging Congress not to ban ATM surcharges. Page 2


First Union established a new subsidiary, First Union Institutional Debt Management, dedicated to packaging collateralized bond and loan obligations. Page 3


Bank buyers beware. Aggressive acquisition strategies are taking a toll on core deposit growth at major U.S. banks, a study found. Page 5


CPB, the Honolulu-based parent of Central Pacific Bank, said its board has approved the adoption of a shareholder-rights plan. Page 7


The no-load mutual fund business is rapidly being divided into companies that can offer thousands of outside funds and those that offer only their own funds. Page 8

Larger bank brokerages boosted sales and earnings in the second quarter even as their customers shifted toward less-profitable products, a survey found. Page 8


GreenPoint Financial and GE Capital are among a handful of potential buyers sizing up subprime lender United Companies Financial, which has put itself on the block. Page 9

Freddie Mac has named a new chief credit officer and is reorganizing its single-family securitization group into five divisions. Page 9


Bisys Group has agreed to buy Greenway Corp., an up-and-coming vendor of check imaging to community banks, for $47.5 million in stock. Page 12


U.S. banks have been cutting back on their international exposure in recent months in anticipation of the economic crises now roiling many of the world's markets. Back page

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