Word: citigroups
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Bank One and J.P. Morgan Chase. Now the pairings are trickling down the asset chain. In late August Citigroup said it was buying its way into retail banking in Texas by acquiring privately held First American Bank. Two days later, Canada's Toronto-Dominion Bank announced it would spend $3.8 billion for 51% of Banknorth Group, based in Portland, Maine, which is itself expanding southward by acquisition...
...narrow the field is to look for markets primed for consolidation. Texas is booming with cross-border business but remains a fragmented market. When Citigroup was circling before it grabbed First American, the rumor was that either Houston-based Southwest Bancorporation of Texas or Texas Regional Bancshares, based in McAllen, Texas, might get poached. Both remain available. To the east, Florida is hot with deposits from transplanted retirees. In June Wachovia, based in Charlotte, N.C., announced it would buy SouthTrust, based in Birmingham, N.C., which has a major Florida franchise. Many banks have already seen their stock prices...
...MTFG currently looks like it will win the merger fight. At an Aug. 12 press conference, executives from MTFG and UFJ announced that they had agreed to consolidate, a pairing that would create the world's largest bank, with assets of $1.7 trillion, outstripping U.S.-based Citigroup and Japan's Mizuho Holdings. But Yoshifumi Nishikawa, SMFG's iconoclastic CEO, has refused to bow out gracefully. Shortly after MTFG's deal was announced, he offered to merge with UFJ in a one-for-one stock swap valued at $29 billion?a generous 30% premium to UFJ's average market value over...
...Blame Game First the banks, then the auditors. Enrico Bondi, Parmalat's bankruptcy commissioner, filed a $10 billion suit against Deloitte Touche Tohmatsu and Grant Thornton International, the firms that audited the books of the disgraced Italian food and dairy company. The suit follows others filed against Citigroup, UBS and Deutsche Bank (TIME, Aug. 23), as well as Credit Suisse First Boston. Bondi alleges the auditors ignored - and in some cases abetted - management fraud. They deny the charges. Grant Thornton in January expelled its Italian member firm from its international network and says matters relating to Parmalat...
...CITIGROUP CENTER...