Anything you can do
Article Abstract:
BankAmerica is to merge with NationsBank to create BankAmerica, based in Charlotte, North Carolina, the biggest US bank. Meanwhile, First Chicago NBD and Banc One are to merge to create Bank One. The merger will achieve cost savings estimated at $930 million annually with $275 million revenue gains. The US banking industry is still not as concentrated as that of the United Kingdom, and more deals are likely. Mergers in Europe are likely to occur across borders, and they will be necessary in order to face competition from the US.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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Sell-off shenanigans
Article Abstract:
The French government has encountered problems with the privatization of CIC, a regional banking concern. The privatization was announced in Aug 1996 but was postponed in Nov 1996. There were two firm offers, from Societe Generale and Banque National de Paris. Neither company offered enough for the 62% stake on offer and the sale would have meant a major capital loss for GAN, the parent company of CIC. GAN itself is due to be sold but the failure of this privatization may affect the privatization of GAN.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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ABN's kinda town
Article Abstract:
ABN-AMRO is acquiring Comerica Bank-Illinois' Chicago business for $190 million. ABN-AMRO already owns LaSalle National bank in the region, and its presences will be strengthened by 38 automated teller machines and an additional 25 branches from Comerica. The total assets of ABN's US operations will increase to over $50 billion, and ABN becomes the biggest bank in the US owned by a foreign concern. ABN is likely to make small acquisitions rather than carry out large deals in the US.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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