Security Pacific plans to purchase the outstanding...

Security Pacific plans to purchase the outstanding shares of Security Pacific Hoare Govett, its London-based international merchant banking operation, for an estimated $20.9 million. Security Pacific already owns 85% of Hoare Govett and acquiring the remaining 15% is regarded as a further commitment by Security Pacific to the international markets for debt, equities and banking. Security Pacific, the Los Angeles-based bank holding company, said the transaction should be completed next month. The acquisition of the balance of the stock was contemplated in 1984 when Security Pacific acquired its initial stake in Hoare Govett.