BankAmerica will seek Japanese financial help.
A company spokesman said BankAmerica Chairman A. W. Clausen, in a coming visit to Japan, would request the help from banks and trading companies. Spokesman Peter Magnani said the company does not plan to issue any new securities to attract capital. But Kyodo News Service reported in Tokyo that Clausen is to confer Saturday with Finance Minister Kiichi Miyazawa, Bank of Japan Governor Satoshi Sumita and senior officials of Japanese commercial banks and trading companies. Quoting unnamed sources, Kyodo stated that BankAmerica was hoping that Japanese financial institutions and other companies would acquire “a considerable portion” of $2 billion worth of new shares.
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