Commercial banks
TCF National Bank Michigan, previously known as Great Lakes Bank, is undergoing a significant transformation as part of its parent company's rapid expansion plans. By adopting the TCF Bank name, the institution aims to establish a more unified identity, particularly in the burgeoning online banking sector. This change
Commercial banks
NatWest's £10.75 billion recommended offer for Legal & General marks a significant turn in the banking sector's attempt to diversify into the higher-margin pensions and life business. The acquisition, which represents a 20% premium over L&G's closing middle market price on
Commercial banks
The Scottish Media Group (SMG) has been on a buying spree, with its latest acquisition being a stake in Heart of Midlothian, a significant move to expand its presence in Scotland. This follows a trend of expanding into football assets, with other major media groups already established in the industry.
Commercial banks
The six-month battle for the loyalties of stockholders in France's third-largest bank, Societe Generale SA, has ended with a ruling by French regulators that Banque Nationale de Paris had failed in its bid to take over the bank. This outcome has left both banks weakened and vulnerable to
Commercial banks
The recent demonstration by 500 employees of Societe Generale in Paris, wearing business suits and carrying mobile phones, highlighted the intense rivalry and hostile takeover battle that has shaken the French commercial banking sector. The marathon six-month battle between Societe Generale and Banque Nationale de Paris (BNP) has come to
Commercial banks
Michel Pebereau's takeover of Paribas, France's second-largest listed bank, has been formalized, marking a pivotal moment in the creation of the country's largest bank. The acquisition resulted from a hostile bid that received 65% approval from Paribas's shareholders. However, the plans for
Commercial banks
The fate of Banque National de Paris' (BNP) 36.5% minority stake in Societe Generale (SG) hangs in the balance as French regulatory authorities are poised to make a decision this week. The outcome will determine the extent to which the French authorities can pursue their policy of fostering
Commercial banks
The French oil industry is currently witnessing a high-stakes battle between TotalFina and Elf Acquitaine, two of the country's largest oil groups, as they engage in a bid for control. This saga has been unfolding in the backdrop of the Parisian courts, with both companies launching counter-bids and
Commercial banks
Societe Generale, a prominent French bank, is considering partnering with other European banks to enhance its competitiveness in the financial sector. This decision comes on the heels of a six-month banking battle in France, resulting in an indecisive outcome that has left the future of Societe Generale uncertain. The bank&
Commercial banks
CGU, the UK's largest composite insurer, has substantially increased the target for savings that will flow from the merger between Commercial Union and General Accident, citing additional cost savings in its UK general insurance business. The estimated annualised cost savings are expected to rise from £270m to £325m
Commercial banks
CGU, the recently-merged insurance group, has defended its decision to increase its stake in Societe Generale, despite the French authorities freezing the new shareholding and taking the matter to court on August 24. The company's chief executive, Bob Scott, stated that CGU acted in accordance with the legal
Commercial banks
The five-month struggle for control of France's three major listed banks, BNP, Paribas, and Societe Generale (SG), is nearing its conclusion. Investors are being bombarded with propaganda and promises from both the hostile bid of BNP's Michel Pebereau and the amicable merger proposed by Andre Levy-Lang
