Word: citicorps
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...corporate arena in which Japan's huge bankroll is prompting intense jitters is the U.S. financial-services industry. Tokyo's largest banks and investment firms, which already eclipse American companies like Citicorp (assets: $196 billion) and Merrill Lynch ($53 billion), openly aim to grab a large share of the U.S. financial marketplace. They have established a major beachhead in California, where four of the top ten banks are now Japanese owned: California First Bank, Sanwa Bank, Bank of California and Sumitomo Bank of California. On Wall Street, Japan's Sumitomo Bank shelled out $500 million for a 12.5% share...
Last week that career change paid off in a spectacular fashion. Lewis struck a single deal that will transform his investment firm, TLC Group, into the largest black-owned business in the U.S. Beating out such rival bidders as Citicorp, Pillsbury and Shearson Lehman Bros., Manhattan-based TLC (stands for "The Lewis Company") signed an agreement to make a $985 million acquisition of Beatrice's International Food division, a profitable hodgepodge of 64 companies in 31 countries that manufacture everything from ice cream to sausages...
...Peru -- an exodus depriving the country of much needed funds for investment -- he intends to nationalize all banks and insurance companies and shut down private currency- exchange houses. Furthermore, selling dollars in the streets would be made a criminal offense. Only foreign banks with branches in Peru, such as Citicorp and BankAmerica, would be exempt from the nationalization...
Whatever change is taking place, it seemed to be accelerating last week. Ford, which has manufactured cars in South Africa for 63 years, hopes to donate most of its holdings to its predominantly black work force. ITT sold off its small automobile-brake plant. Citicorp, the lone American bank left in South Africa, will sell its 29-year-old subsidiary to First National, the country's largest commercial bank...
Americans are flocking back to Europe. -- Citicorp, Ford and ITT join the exodus from South Africa. -- The Toshiba scandal grows...