Get-out clause

Article Abstract:

The acquisition of Birmingham Midshires by Royal Bank of Scotland will be formally sanctioned in Mar 1997 after due diligence has been completed. The bank has no obligation to pay from 605 million pounds sterling to 630 million pounds for Birmingham Midshires if conditions are not met. Royal Bank of Scotland was advised by Robert Fleming, who argues that only a major development would cause the deal to be abandoned. Acquisitions are not usually announced prior to a firm commitment.

Savings & Loan Assns, Savings Institutions, Mergers, acquisitions and divestments, Savings and loan associations, Birmingham Midshires Building Society

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Telebanking: direct route to Scotland

Article Abstract:

First Direct, a UK telephone banker, may establish a marketing partnership with an institution in Scotland. A likely candidate would be the Royal Bank of Scotland, which is involved in direct selling of insurance through Direct Line. A link between First Direct and Royal Bank of Scotland would lead to speculation over a possible takeover. Royal Bank is already subject of such rumors which have led to a rise in its share price. HSBC is seen as a likely suitor.

Firstdirect

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Supermarket battle spills over into banking

Article Abstract:

J Sainsbury is setting up Sainbury's Bank together with the Bank of Scotland. This is the first time a UK supermarket has offered full banking services. The Bank of Scotland will not suffer competition because there are few Sainsbury stores in Scotland, where the bank is active. Banks are seeking ways to expand at a time when loan growth is slow, while retailers aim to capture wider margins in financial services since the supermarket area is very competitive.

Supermarkets and Other Grocery (except Convenience) Stores, Grocery stores, Supermarkets, Bank of Scotland, J Sainsbury PLC

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