Agreement reached on redliningAnother East Coast regional...

BUSINESS DIGEST

August 24, 1994

Agreement reached on redlining

Another East Coast regional bank criticized for alleged redlining practices has agreed to change its lending policies and make loans to low-income neighborhoods in the Bronx.

National Westminster Bancorp. said yesterday that it will lend in minority neighborhoods of the South Bronx and open an office there under an agreement with Inner City Press-Community On the Move, a group that accused the bank of redlining.

The agreement follows a similar deal between the government and Chevy Chase Federal Savings Bank, a Maryland savings and loan charged in a civil suit with redlining -- refusing to lend in an area on the basis of its racial makeup.

Denver airport problems

United Airlines said yesterday that it would take over the problem-ridden automated baggage system at the Denver International Airport as part of a deal with the city to open the facility by Feb. 28.

The city, meanwhile, will proceed with plans for a $50 million alternative baggage system using conveyor belts, tugs and carts that would serve other airlines. A United spokesman said other carriers would use the backup until the automated system can handle the load.

Confederation bid planned

Metropolitan Life Insurance Co. said it will bid for Confederation Life Insurance Co.'s Canadian group life and health business, which represented about C$1 billion ($725.6 million in U.S. dollars) of premiums last year, the Toronto Globe and Mail said. The assets of Confederation Life, the fourth-largest insurance company in Canada, have been on the auction block since Aug. 15, when an Ontario court approved the Canadian government's request to liquidate the insurer.

Ottawa-based Metropolitan Life is a subsidiary of Metropolitan Life Insurance Co. in New York.

Polo Ralph Lauren investment

An investment fund managed by Goldman, Sachs & Co. has purchased a 28 percent stake in the intensely private Polo Ralph Lauren Corp. for $135 million, creating a partnership between two of New York's trophy institutions.

Goldman is the first outsider to gain a stake in Lauren's apparel and home furnishings empire.

QVC earnings decline

QVC Inc. reported yesterday a 12 percent drop in second-quarter earnings, citing the costs of expanding television home shopping to the United Kingdom and Mexico.

Net income for the three months that ended July 31 was $11.7 million, or 25 cents a share, down from $13.3 million, or 26 cents a share, a year earlier.

QVC shares closed off 6.25 cents, at $44.8125.

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