Word: citicorps
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Setting this precedent eventually required two months and reams of correspondence with fifteen American universities, Citicorp bank, and five separate ministries of the Hungarian government. Karossy began by sending letters to admissions officers of the various universities, without notifying the Hungarian authorities...
Instead of forgiving loans, bankers are swapping debt for equity stakes in local companies. Citicorp last month swapped $66 million of Chile's debt for a $56 million stake in a forestry project. Some loans are being taken over by organizations concerned about the welfare of developing nations. Conservation International, for example, bought $650,000 worth of Bolivian debt from Citicorp at the discounted price of $100,000. Instead of demanding payments on the loan, the nonprofit organization has created a wildlife sanctuary in the Amazon Basin that the Bolivian government has agreed to protect...
...part of the plan, management of First RepublicBank will be taken over by NCNB Corp., a Charlotte, N.C.-based institution (assets: $28.6 billion) that won a bidding war with several other potential buyers, including New York City's Citicorp and San Francisco's Wells Fargo. The North Carolina bank will pay at least $210 million for a 20% stake in the bank and will have a five- year option to buy the rest from the Federal Deposit Insurance Corporation, which guarantees bank deposits and will put up most of the money for the rescue...
With Japan riding high as a premier economic power, no company stands a better chance of dominating global finance than Nomura. The company, building on a powerful domestic base, is a behemoth. Its assets ($372 billion) surpass those of Citicorp ($204 billion) and Merrill Lynch ($55 billion) combined. Nomura's 1987 profits ($2 billion) were almost four times those of American Express. And as Japan converts manufacturing muscle into financial might, the securities giant has passed Toyota (1987 earnings: $1.7 billion) to become the country's most profitable company. No wonder Nomura sparks respect in its competitors, inspires hard work...
...billion, but the true magnitude of the bank's problems was not evident until last week. Awash in bad real estate and energy loans, the bank projected a loss of $1.5 billion in the first three months of 1988, the second largest quarterly deficit in U.S. banking history. (Citicorp lost $2.5 billion in the second quarter...