CS clears the decks
Article Abstract:
Credit Suisse Group plans a large write-down against profits in a move that reflects wider problems in the Swiss banking industry. Swiss Bank Corp and Union Bank of Switzerland have also revealed large loan loss charges and the three big Swis banks will all report losses for 1996. Switzerland has been hit by recession and real estate values have been pushed down while corporate borrowers have increased their default rates. Swiss banks also operate outside the home market and will continue to be major international players, despite their domestic problems.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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Italian banks made offers they can refuse
Article Abstract:
Two planned banking mergers have failed to materialize in Italy. UniCredito Italiana was to have acquired Banca Commerciale Italiana (BCI) and San Paolo-IMI was to have acquired Banca di Roma. Mediabanca was seen as under threat from these deals since key players held stakes in Mediabanca. Banca di Roma then opposed the bid by San Paolo-IMI, arguing that its stocks were undervalued. Meanwhile, Generali, an insurer, lost its chairman and Mediobanca gained control of Generali, which has aided Mediobanca in opposing the bid for BCI.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
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Barclays takes flak in ATM row
Article Abstract:
Barclays is charging non-customers who use Barclays' ATM or mash machines, a move seen by Nationwide as in breach of pacts for banks to share their network of ATMs. Barclays is ending charges imposed on its own customers using other ATMs. Barclays argues that its move introduces greater transparency into the market, an argument that Nationwide rejects. Nationwide argues that trasnparency could be introduced more effectively through other methods.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
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