Word: meritanordbanken
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Dates: during 2004-2004
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...across borders for merger partners, the better to compete with America's megabanks. But a funny thing happened on the way to banking consolidation: nothing. Except for a few small deals, such as the 2000 takeovers of Bank Austria by Munich-based HVB, and Unidanmark by Swedish-Finnish lender MeritaNordbanken, banks have preferred to merge with homegrown rivals rather than competitors abroad. Until last week, that is, when the first big European cross-border deal was finally unveiled. Banco Santander Central Hispano, Spain's largest bank, agreed to buy British mortgage lender Abbey National for approximately €13.4 billion, creating...
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