European champions
Article Abstract:
European banks have been affected by government interference and this has meant that no pan-European bank has been set up as a result of a cross-border merger. Banks have also tended to be too fearful in challenging governments. This has made a complaint to the European Commission significant. The complaint relates to a bid by Banco Santander Central Hispano, the largest bank in Spain, for a large stake in Champalimaud, an insurance and finance group. The bid has been blocked by the Portuguese government, which has been accused of not respecting European law in blocking this bid.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
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Pressure on the plumbers
Article Abstract:
European monetary union is likely to affect the banking industry which not only has to pay for training and computer systems, but will also find business is affected. Certain activities such as foreign exchange trading in currencies of the countries taking part will no longer exist. Some new business will be created such as a possible increase in investments in mutual funds. US banks may benefit for from these new opportunities than European banks. Stockholders may benefit from high prices for acquisitions in the sector, but the banks themselves may not benefit.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1998
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A quagmire in Europe
Article Abstract:
Lloyds TSB has performed well, expanding through acquisitions, cutting costs, and focusing on retail banking. This model cannot be followed by all European banks, partly because it is not easy to shed labor due to restrictive labor laws in some countries. The advent of the euro has removed some banking business, and banks' technology costs are increasing, pressures which are tending to push toward mergers. There are language and cultural barriers to mergers across borders, which have not been as common as was expected.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
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