Commercial banks
Standard & Poor's has confirmed its double-'A' long-term and 'A-1'-plus short-term credit ratings on National Australia Bank (NAB) following the announcement of its intention to acquire Lend Lease's MLC funds management and life insurance businesses. The acquisition is expected to
Commercial banks
The proposed merger between Deutsche Bank and Dresdner Bank, once seen as a bold step to strengthen Deutsche Bank's presence in Europe, has collapsed in acrimony, raising serious questions about the coherence of Deutsche Bank's strategy and the ability of the fragmented German banking sector to
Commercial banks
Deutsche Bank and Dresdner Bank, Germany's largest and third-largest banks respectively, have canceled their planned $29 billion merger in a move that will have significant implications for the European banking industry. The collapse of the deal comes just a month after it was announced, following a bitter dispute
Commercial banks
Nationwide Mutual, a leading player in the US pension plan market, has successfully bid pounds 1.03 billion to acquire British fund manager Gartmore, marking a significant expansion of its global asset management footprint. The acquisition, which includes pounds 54 billion in assets under management, will lift Nationwide's
Commercial banks
The banking sector in the UK has undergone significant changes with the takeover of NatWest by The Royal Bank of Scotland Group (RBS). Miller McLean has been appointed as the group director, legal and regulatory affairs, and group secretary, a role previously held by Christopher Fitzgerald. Meanwhile, in the law
Commercial banks
The London Stock Exchange has seen significant activity in the financial sector, with major players announcing takeover bids, mergers, and acquisitions. Meanwhile, the government has faced criticism over its handling of industry regulation, job losses, and market failures. Key Takeaways: * Chase Manhattan has offered an estimated £3 billion to acquire
Commercial banks
For years, investors have been betting on a transformational deal from Chase Manhattan, the third-largest US bank, to round out its investment banking operations with a global equities capability. However, a recent bid for Robert Fleming, the UK investment bank, would not be the deal, but rather a continuation of
Commercial banks
Martin Ebner, the Swiss financier who previously forced Union Bank of Switzerland into a merger with Swiss Banking Corporation, has requested a seat on Credit Suisse's board. This move comes as Ebner has accumulated a 9.7% stake in the bank and seeks to push Credit Suisse towards
Commercial banks
VS&A Communications Partners III LP, a private equity affiliate of merchant bank Veronis, Suhler & Associates Inc., has completed a $350 million credit facility to support its acquisition of Data Transmission Network Corp. (DTN), a Nebraska-based company that provides time-sensitive information to 163,000 subscribers throughout the U.
Commercial banks
The Deutsche Bank and Dresdner Bank merger, set to be completed on July 1, will create the world's largest banking group, with assets exceeding $1.2 trillion under management. The new entity will retain the name Deutsche Bank and be led by co-chief executives Rolf Breuer and Bernhard
Commercial banks
The three largest financial institutions in Germany, Allianz, Deutsche Bank, and Dresdner Bank, are poised to announce a monumental banking merger and asset swap that will reshape the European financial landscape. At the heart of the deal is a merger between Deutsche and Dresdner, creating one of the world'
Commercial banks
HSBC, a UK-based banking giant, is embarking on a massive online expansion, investing $2 billion in a global rollout that will see it leveraging its strong brand and improving service levels through the internet. The bank plans to shift an increasing amount of processing offshore to low-cost centers in India
