Word: unidanmark
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Dates: during 2000-2009
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...domestic bank to cut costs was out of the question on antitrust grounds. Merita therefore embarked on a two-pronged strategy: use mobile and Internet technology to cut overhead, and become Europe's most aggressive bank in expanding across borders. In April it completed a merger with Denmark's Unidanmark three years after Merita joined forces with Sweden's Nordbanken. The deals have made Merita the largest bank in Scandinavia. "We see ourselves as a pan-Nordic bank with a very powerful distribution network," says Vesa Vainio, who became chairman in April...
...prompt banks to reach 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...
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