Word: continentally
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Japanese banks are currently intensifying their focus on the European Community. Some 60 Japanese banks have European bases in London, and more will probably follow. Mini-headquarters are also being established on the Continent. Dai-Ichi Kangyo and Fuji Bank have offices in Munich; Sumitomo Bank, Sanwa Bank and the...
The past 20 months have brought a flurry of more than 30 mergers and takeovers involving European banks and insurance companies across the Continent. The aim has been to create institutions that will be big enough to expand Europe-wide and survive the competitive heat when larger institutions from other...
The biggest marriage on the Continent took place in April with the joining of two longtime Dutch rivals, Algemene Bank Nederland (ABN) and Amsterdam- Rotterdam Bank (Amro). The pair forms Europe's sixth largest bank and the 19th biggest in the world, with combined assets of $184 billion and 55...
France's Credit Agricole, the world's 10th largest bank, has also declared its intention to expand Europe-wide but is taking its time. The bank last year bought a 13% share in Nuovo Banco Ambrosiano of Italy and is said to be scouting elsewhere. Other French banks are more...
Italy, which has some of Europe's most inefficient but potentially wealthy financial institutions, is likely to undergo the greatest change. For now, the Italians are thoroughly -- very thoroughly -- served by their bankers: the country has some 1,200 separate banking companies with 13,500 branches -- but it also has...