Word: midlands
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...timing of the deal may cause problems. A four-month congressional moratorium on foreign takeovers of U.S. banks expired two weeks before Midland's action. That ban had been inspired by the wave of foreign acquisitions of U.S. banks, such as the Hongkong and Shanghai Banking Corp.'s purchase of 41% of New York's Marine Midland. Financiers now are worried that the Crocker deal might push Congress to erect new barriers. Indeed, the General Accounting Office is expected to recommend next month that Congress reinstate the moratorium. That would limit the activities of British banks...
...Midland's takeovers are partly catchupmanship. The bank has been slow to follow the trend to international branch banking, as well as to join the brigade of British bankers in bowlers entering the lucrative California market. Since 1968, Midland's rivals-Barclays, Lloyds, Standard Chartered and the Royal Bank of Scotland-have all established offices there...
...Midland buys into Crocker
Since he became chairman of California's Crocker National Bank six years ago, Thomas Wilcox has been commuting by corporate jet between the bank's two main offices, in San Francisco and Los Angeles. Now Wilcox may have to fit in another stopover, London. Last week Midland Bank, Britain's third biggest, announced it was buying 51% of Crocker at a cost of between $815 million and $820 million. This will be the largest takeover ever of a U.S. bank by a foreign...
...union will create a bank with assets of $63 billion, only slightly less than those of Chase Manhattan. The deal will provide Crocker with capital for expansion in California and restore Midland to the inner circle of international banking. The British bank also announced it was spending about $118.5 million to buy 60% of West Germany's largest private bank, Trinkaus & Burkhardt...