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July 15, 1987

XEROX CORP – EVEN MORE OF A BANK AFTER ACQUISITION OF NEW YORK BROKER

By CBR Staff Writer

Xerox Corp is slewing its business more and more away from its manufacturing operations and towards financial services, and this week it added a New York broker, Furman Selz Holding Corp to its portfolio of insurance and financial services businesses that go to make up Xerox Financial Services Inc. Xerox will pay $125m for the privately-held broker, which had turnover of about $75m last year, and put it alongside its big Crum & Forster insurance acquisition; other financial interests in the Xerox portfolio include the acquisition in February of 25% stake in VMS Realty, a property company.

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