Conformed
UNITED STATES 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
Date of Report (date of earliest event reported) December 14, 1995
Beneficial Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-1177 51-0003820
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
301 North Walnut Street, Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (302)425-2500
No Change
(Former name or former address, if changed since last report)
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Item 5. Other Events.
The following is the text of a press release of
Beneficial Corporation, a Delaware corporation, issued on December
14, 1995:
BENEFICIAL CORPORATION DECIDES TO RETAIN GERMAN SUBSIDIARY
December 14, 1995
WILMINGTON, Del. -- Beneficial Corporation (NYSE: BNL) announced
today that it will retain its German consumer banking subsidiary,
BFK Bank AG, because it had not received any acceptable offers for
the bank.
Finn M.W. Caspersen, chairman and chief executive officer, stated,
"While our first choice certainly was to sell the bank, we are not
willing to sell it at any price, and no offer we considered
acceptable was received."
"Accordingly, with significantly strengthened management now in
place, we look forward to improved operating results from our
German operation in 1996 and future years."
The Company is conducting a thorough analysis of BFK's loan
portfolio, including the previously disclosed FUNDUS portfolio,
and is assessing the adequacy of supporting collateral. Although
appraisals of the underlying real estate are not yet complete, it
appears likely that some specific addition to reserves will be
made at year-end.
Beneficial Corporation is a $15 billion, New York Stock
Exchange-listed financial services holding company. Subsidiaries
of the Company provide financial services through their various
consumer-finance, credit-card, banking and insurance operations
located throughout the United States, Canada, the United Kingdom
and Germany.
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SIGNATURES
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.
BENEFICIAL CORPORATION
(Registrant)
By /s/ Samuel F. McMillan
Samuel F. McMillan
Senior Vice President
and Treasurer
Dated: December 14, 1995
