BANKING & FINANCE - April 21, 1992
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From Times Staff and Wire Reports
B of A Selling Payroll Unit: BankAmerica Corp. signed a definitive agreement to sell its payroll processing services to Automated Data Processing for $200 million. The sale, which is unrelated to B of A’s acquisition of Security Pacific this week, is expected to result in a gain of $90 million for the San Francisco bank. The two companies had previously announced that they had signed a letter of intent on the sale, which is expected to be completed in mid-May.
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