Commercial banks
The latest round of executive moves in Chicago's business community has brought about several key changes across various industries, including consumer services, education, financial services, government, healthcare, and info technology. These changes reflect the ongoing evolution of the city's business landscape, with new leaders emerging in
Commercial banks
First Union's sale of its credit-card operation to MBNA Corp. marks a significant shift in the credit-card industry, where companies must be large, national players to compete. The sale, valued at $5.3 billion in loans and 3 million accounts, is part of First Union's companywide
Commercial banks
MBNA Corporation, the largest independent credit card lender in the world, has entered into an agreement with First Union to acquire its consumer and commercial revolving credit businesses. The acquisition includes a consumer revolving credit portfolio of $5.3 billion in loans and over 3 million accounts, as well as
Commercial banks
Scotland's financial community is on the brink of significant changes as several major players are set to be acquired by larger entities, threatening the country's status as a dynamic and independent financial center. The fate of three unquoted pillars of Scotland's finance, Scottish Provident,
Commercial banks
Barclays, Britain's third-largest bank, is reportedly negotiating a $5.5 billion deal to acquire Woolwich, a leading British mortgage lender. The potential acquisition would strengthen Barclays' home mortgage business and bolster its Internet banking strategy. If a deal is reached, it would be a significant move for
Commercial banks
The Royal Bank of Scotland has published its first-half trading results, showing a sharp rise in income and strong progress in integrating its £20 billion acquisition of NatWest Group. The bank's shares closed up 11.8% at £11.70, with pre-tax profits on a pro-forma basis reaching £1.
Commercial banks
The Royal Bank of Scotland has released its first-half profit figures, showing an 11% growth to $1.5 billion, following its acquisition of NatWest last year. This growth is in line with analyst predictions, with profits before taxation and integration costs reaching $2 billion, a 23% increase from the previous
Commercial banks
Allianz's 22% stake in Dresdner Bank still holds significant sway, despite the collapse of merger talks between Dresdner and Commerzbank. Analysts interpret Allianz's lukewarm response to the second deal as a marked difference from its enthusiasm for the earlier, collapsed Deutsche Bank-Dresdner merger. This disparity in
Commercial banks
Germany's corporate realignment is expected to undergo significant changes with the easing of corporate capital gains taxes, and German insurer Allianz AG Holding has found itself at the center of another failed bank merger following the collapse of talks between Dresdner Bank and Commerzbank. The failed merger marks
Commercial banks
The Philippine National Bank (PNB) privatization program, backed by the International Monetary Fund (IMF) and the World Bank (WB), has reached its final stages after the government bidding committee accepted the sole bid of Starbuck Equities Corp. for the remaining 30.39% stake in the bank. The bid, worth P6.
Commercial banks
The Philippine government's second attempt to auction off its 30 per cent stake in ailing Philippine National Bank (PNB) is expected to fail, despite cutting the floor price for shares from 85 pesos to 80 pesos per share. The reduced price still represents a 38 per cent premium
Commercial banks
The Commonwealth Bank of Australia Ltd has selected global e-business services firm EDS to manage the integration of its technology services following the merger with Colonial Ltd. Russell Scrimshaw, head of technology, operations, and property at the Commonwealth Bank, emphasized the importance of system integration in the merger's
