Commercial banks
The battle to create France's largest listed bank is approaching its climax, with Societe Generale, Paribas, and Banque Nationale de Paris claiming majority shareholder support for their respective projects. Michel Pebereau, Chairman of BNP, stated that "The debate is finished. SBP has overcome SG-Paribas," but Daniel
Commercial banks
Lloyds TSB, the UK retail banking group, has made the decision to exit the global custody business, citing the need to focus on its core markets and achieve economies of scale. The move allows HSBC to remain the sole surviving UK-owned contender in the US-dominated industry. Lloyds will recommend that
Commercial banks
Boston-based State Street Corporation, a leading provider of pension and mutual fund services, has entered into an agreement with London-based Lloyds TSB Group to recommend that the custody and trustee clients of Lloyds TSB's securities services business transfer to State Street Bank and Trust Company. As part of
Commercial banks
James R. Cassady, a veteran banking executive with over two decades of experience, has been appointed to the newly created position of senior market executive for community development banking in Florida, part of Bank of America's operations. In this role, Cassady will oversee the bank's community
Commercial banks
CORT Business Services Corp. has secured a $225 million credit facility through a joint effort by BankAmerica, BT Alex. Brown, and Credit Suisse First Boston. The facility will be used to fund CORT's leveraged buyout from Bruckmann, Rosser, Sherrill & Company Inc. The deal is structured as a
Commercial banks
Citibank, a division of financial giant CitiGroup, is set to launch the cheapest personal loan in the UK, with an interest rate of just 7.9 per cent. This move is expected to trigger a price war among lenders, leading to cheaper loans for consumers. The loan rates will depend
Commercial banks
Citibank, the global banking arm of Citigroup, has launched its consumer banking operations in Egypt, marking a significant milestone in the country's underdeveloped retail banking market. The bank, which has had corporate banking services in Egypt since 1974, will initially offer a range of services, including Citibank credit
Commercial banks
Regulators in France have set a timetable for investors to choose between rival projects from Banque Nationale de Paris (BNP) and Societe Generale (SG) to create the country's largest bank. The European Credit Institutions Committee (CECEI) is expected to clear BNP's latest offer, which includes a
Commercial banks
The French stock market regulator, the CMF, is set to decide on the final timetable for a titanic bid battle involving three of the country's largest banks: Societe Generale, Paribas, and Banque Nationale de Paris. The regulator is expected to announce the closing date for the bids, with
Commercial banks
Lloyds TSB, a major clearing bank in the UK, has significantly increased the usage of its telephone banking service since upgrading its call centers with Periphonics Corporation's products and services. This upgrade has enabled the bank to improve efficiency, control costs, and enhance the customer experience. The number
Commercial banks
In the past decade, the British banking industry has undergone significant changes, marked by a decline in branch-based services, job losses, and an increase in competition. This shift has led to consolidation, with demutualized building societies and supermarkets entering the market, offering better deposit rates and pushing high street banks
Commercial banks
Lloyds TSB has agreed to acquire Scottish Widows' Fund & Life Assurance Society in a £7 billion deal, creating the second-largest life insurance, pensions, and mutual fund provider in the UK. The acquisition will strengthen Lloyds TSB's position in all major distribution channels for long-term savings and
