BACHE SECURITIES SETS NAME CHANGE, EXPANSION
Bache Securities Inc, 80 pct-owned by
Prudential-Bache Securities Inc, a unit of Prudential Insurance
Co of America, said it would change its name on April 15 to
Prudential-Bache Securities Canada Ltd as the first part of a
major expansion in Canada.
    The investment dealer said the expansion would involve
increased research and retail staff, three new Canadian
branches by year-end and enhanced corporate financing ability.
    Bache chief executive George McGough told a news conference
that Bache might expand its 20 mln Canadian dlr capital base by
up to seven times over the next several years.
    McGough said the move resulted from the proposed June 30
deregulation of Ontario's securities industry, which will lift
existing restrictions on the growth of foreign dealers such as
Bache and allow it access to its U.S. parent's 134 billion U.S.
dlrs of capital and products offered by Prudential Insurance Co
of Canada, also owned by Bache's U.S. parent.
    Stressing that company growth would be internal, McGough
told reporters "that our game plan does not call for an
acquisition," saying Bache recently rejected merger overtures
from three other investment dealers in Canada.
    McGough declined to identify the names of the three dealers
that approached Bache.
    He said that Bache hoped to rank in the top five Canadian
investment dealers within the next few years. It now ranks
about 14th.
    McGough voiced confidence that Bache's plans would be
unaffected by any delay past June 30 in the implementation of
financial deregulation resulting from an ongoing dispute
between the Canadian and Ontario governments over regulatory
jusisdiction. He said regulators had already approved the name
change and indicated they would approve Bache's expansion.
 Reuter
