Word: abn
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...richest. Britain is set to take over the rotating six-month E.U. presidency in July, so optimists are hoping that current president, Luxembourg, can craft a workable compromise before then. Don't hold your breath. Cross-Border Bank Raid Italian banks are suddenly under assault from European rivals. ABN Amro of the Netherlands is expected to announce a bid for Banca Antoniana Popolare Veneta, Italy's ninth-largest bank, as early as this week. That follows this month's €6.5 billion bid by Spain's Banco Bilbao Vizcaya Argentaria for the 85% of Banca Nazionale del Lavoro it doesn...
...made lots of mistakes," says Patrick Lemmens, a money manager for ABN Amro Asset Management in Amsterdam, whose fund owns shares in both UFJ and SMFG. But, he adds, the bank possesses valuable assets that both suitors find attractive. It is relatively strong in small business and retail banking, as well as in trust and pension management. These would plug product-line holes in MTFG's case and establish outright dominance in areas in which SMFG is already strong. Moreover, MTFG and SMFG aspire to be global players and so need economies of scale?and after years of industry consolidation...
...look at Germany, which is a relatively fragmented market, there is significant scope for consolidation." And German banks are sniffing at potential foreign partners. Deutsche Bank, the country's largest, held merger talks with U.S. behemoth Citibank, but the negotiations got nowhere. HVB has held talks with ABN Amro, Credit Suisse, BNP Paribas and Santander, but they all ended without a deal - for now. If Santander can thrive with Abbey, the long-awaited dream of truly European banking might yet come true...
...three years. While demand for power leaped?electricity consumption grew by 10.5% in 2002, up from 2.6% in 1998?increases in electricity-generation capacity slowed from an 8.4% growth rate in 1998 to 4.4% in 2002. "China underestimated its power demand quite dramatically," says Pierre Lau, an analyst for ABN AMRO in Hong Kong. "They realized the problem a couple of years later, but by then it was too late...
...Palanpuris and the Hasidim are cordial, Surat's diamond traders admit that India's sudden rise to prominence has caused some resentment in Israel and Belgium. One Israeli analyst frets that Surat's bustling workshops are flooding retail stores with diamonds, which could depress prices for years to come. ABN AMRO's Patnaik points out, however, that the market for diamonds could expand quickly as the burgeoning middle classes of China and India develop more of a taste for diamond jewelry. To make sure they secure a foothold in the Chinese market, some Surat businessmen have even started setting...