German bank deal is put on hold
Article Abstract:
Bankgesellschaft Berlin AG's planned purchase of Norddeutsche Landesbank Girozentrale (NordLB) was postponed due to market downturn that caused the almost 50% drop in the stock value of Berlin, Germany-based Bankgesellschaft since April 1998. The drop raised some anxiety on the side of NordLB because the two companies' agreement includes a stock component of 125 million Bankgesellschaft shares, as well as cash worth DM1.3 billion. Bank watchers announced that the Bankgesellschaft-NordLB deal, which was originally slated to be completed on Jan. 1, 1999, could be delayed by a minimum of several months.
Comment:
Its planned purchase of Norddeutsche Landesbank Girozentrale is postponed due to market downturn
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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ABN Amro plans to buy Brazilian bank
Article Abstract:
ABN Amro Holding NV of the Netherlands intends to acquire Banco Real of Brazil for $2.1 billion. Banco Real, Brazil's fourth-biggest publicly traded bank, has about $15 billion in assets, 1,372 branches, 2.2 million retail customers, 100,000 corporate clients and about 15,000 employees. ABN Amro, Europe's fifth-biggest bank in terms of assets, sees Brazil, where it has been present for almost 80 years, as a growing market with plenty of growth potential based on the fact that only 40% of the population have bank accounts.
Comment:
Intends to acquire Banco Real of Brazil for $2.1 bil
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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