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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
EXHIBIT INDEX IS ON PAGE 3
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 30, 1997
CoreStates Financial Corp
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Pennsylvania 0-6879 23-1899716
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(STATE OR OTHER (COMMISSION (IRS EMPLOYEE
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
INCORPORATION)
Centre Square West, 1500 Market Street
Philadelphia, Pennsylvania 19101
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE, INCLUDING AREA CODE: (215) 973-7488
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__________________________________________________________________
(FORMER NAME AND FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
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The information set forth in the news release of CoreStates Financial Corp
as Exhibit 99 is incorporated by reference and made a part hereof.
ITEM 7. EXHIBITS.
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99 CoreStates Financial Corp News Release dated October 30, 1997.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORESTATES FINANCIAL CORP
(Registrant)
Dated: November 3, 1997 By /s/ David T. Walker
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David T. Walker
Senior Vice President
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Exhibit Index
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Exhibit No. Page
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99 CoreStates Financial Corp News
Release dated October 30, 1997 4
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Exhibit 99
CoreStates Financial Corp
Broad and Chestnut Streets
PO Box 7558
Philadelphia PA 19101-7558
[CORESTATES LOGO
APPEARS HERE]
Contact CoreStates: Gary Brooten or George Biechler, (215) 973-3546
Andersen Consulting: Roxanne Taylor, (212) 708-5106;
[email protected]
For Release Immediately Upon Receipt
CORESTATES AND ANDERSEN CONSULTING FORM
10-YEAR STRATEGIC TECHNOLOGY ALLIANCE
PHILADELPHIA, PA., October 30, 1997 -- CoreStates Financial Corp (NYSE:
CFL) and Andersen Consulting today formally announced the creation of a 10-year
strategic technology alliance designed to help CoreStates expand its access to
world-class technology skills and capabilities, grow revenue and achieve other
key business objectives. The alliance takes effect October 31, 1997.
"This alliance is a critical component of our strategic five-year business
plan to create long-term value for our shareholders," said Terrence A. Larsen,
CoreStates Chairman. "By teaming with Andersen Consulting, CoreStates gains
access to the expertise and experience of a global technology leader, allowing
CoreStates to concentrate on our core competency of delivering banking services
to our customers locally and around the world."
The alliance between CoreStates and Andersen Consulting comprises three
major components: a program to develop new strategic technology applications; a
business process management contract for applications development and
maintenance; and a Year 2000 initiative, already well under way at CoreStates.
Under the alliance, CoreStates will retain control over its technology strategy,
direction, priorities and decision making, and Andersen Consulting will provide
a broad range of technology consulting and support services.
The overall goals of the strategic technology alliance are to: increase
CoreStates' revenues by facilitating new product development; improve the speed
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and efficiency of bringing new products to market; create a flexible technology
infrastructure that enables CoreStates to respond quickly to changing customer
needs and to the overall business environment; enhance customer service quality;
and improve CoreStates' return on its technology investment so that related cost
savings can be reinvested in technology-based solutions for its customers.
"Andersen Consulting and CoreStates have created an innovative alliance
that will enable CoreStates to fulfill strategic objectives, not just address
short-term tactical concerns," said Stephen A. James, managing partner of
Andersen Consulting's Financial Services Global Market Unit. "In addition,
CoreStates will gain broad access to Andersen Consulting's research and
development initiatives in technology."
The activities that Andersen Consulting will manage under the business
process management portion of the alliance represent approximately 40 percent of
CoreStates' current overall information technology operations. All CoreStates
employees who are affected by this alliance have been offered comparable
positions with either CoreStates or with Andersen Consulting.
Under the Year 2000 initiative, which is designed to make all of
CoreStates' information technology systems millennium-compliant, Andersen
Consulting is assisting with program management and implementation support.
Under the plan to create new strategic technology applications, CoreStates will
gain increased flexibility, economy and scale in its technology capabilities
around the world.
"Our goal is to apply technology -- whether or not we develop it ourselves
- -- to best serve our customers in a way that sets us apart from the
competition," said P. Sue Perrotty, executive vice president and chief
information technology officer at CoreStates.
Andersen Consulting's Financial Services Global Market Unit consists of
more than 12,000 professionals who serve nearly 700 clients around the world
through three industry segments: Banking, Insurance and Health Services. The
Banking segment serves, among others, retail, investment and commercial banks;
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investment management firms; securities firms; depositories; and exchanges. The
Insurance segment serves the property and casualty insurers and life insurers.
The Health Services segment serves a wide range of health care providers,
including HMOs.
Andersen Consulting is a $5.3 billion global management and technology
consulting organization whose mission is to help its clients change to be more
successful. The organization works with clients from a wide range of industries
to link their people, processes and technologies to their strategies. Andersen
Consulting has nearly 49,000 people in 47 countries. Its home page address is
http://www.ac.com.
CoreStates Financial Corp is a Philadelphia-based bank holding company
with assets of approximately $47.6 billion. The company markets broadly
diversified financial products and services in the Middle Atlantic region and
selected products and service worldwide. Its home page address is
http://www.corestates.com.
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