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WSJ: Bank Of America May Buy Barclays  
User currently offlineN328KF From United States of America, joined May 2004, 6489 posts, RR: 3
Posted (7 years 9 months 4 weeks 1 day 1 hour ago) and read 1896 times:

This would form the world's largest bank by far, and create a global powerhouse. Brief fair use excerpt from The Wall Street Journal:

Quote:
LONDON -- Analysts at Merrill Lynch think Bank of America could be about to make a bid for U.K. retail and investment banking group Barclays PLC, in a deal that would create the world's biggest bank.

Barclays's market cap currently stands at more than $90 billion, while Bank of America's is more than $200 billion.

[...]

A deal would complement Bank of America's interest in expanding internationally, particularly in corporate and investment banking. It would also be the largest financial industry merger ever and would rank among the top three or four deals of any kind. Barclays has a market capitalization of about $90 billion, and Merrill Lynch said Bank of America could pay up to about $117 billion and still have the deal add to its earnings in 2008.

"Bank of America has previously indicated that the next phase of its expansion is to become a leading global commercial and investment bank. In order to achieve that goal, we believe Bank of America is very interested in acquiring Barclays," the Merrill analysts wrote in a note to clients. "A deal could be announced near-term," the wrote.

[...]

A takeover would see Bank of America convincingly outstrip Citigroup Inc. to become the biggest bank in the world by market value. The two banks have jostled for market-value leadership this year. Bank of America wants to build top-tier positions in businesses such as global treasury management, global asset management and global fixed-income underwriting and trading, said Merrill Lynch.

Barclays, the U.K's third-largest bank by market capitalization, would give Bank of America a significant international presence in each of these markets, as well as a major U.K. retail and commercial bank and the U.K.'s biggest credit-card business.

[...]



When they call the roll in the Senate, the Senators do not know whether to answer 'Present' or 'Not guilty.' T.Roosevelt
6 replies: All unread, jump to last
 
User currently offlineSrbmod From , joined Dec 1969, posts, RR:
Reply 1, posted (7 years 9 months 4 weeks 20 hours ago) and read 1878 times:

Yet another reason to have your bank accounts through a credit union.

User currently offlineJ_Hallgren From United States of America, joined Jun 2000, 1507 posts, RR: 0
Reply 2, posted (7 years 9 months 4 weeks 14 hours ago) and read 1862 times:

When I used to work for them (under a prior company name), we joked that Charlotte NC would become "intergalatic headquarters" someday! They were, and still are, an aggresive company when it came to mergers...they did one of the first hostile takeovers of another bank when I was with them...and my stock via 401K has REALLY performed quite well!


COBOL - Not a dead language yet!
User currently offlineN328KF From United States of America, joined May 2004, 6489 posts, RR: 3
Reply 3, posted (7 years 9 months 4 weeks 14 hours ago) and read 1862 times:

Quoting J_Hallgren (Reply 2):
When I used to work for them (under a prior company name),

NationsBank?



When they call the roll in the Senate, the Senators do not know whether to answer 'Present' or 'Not guilty.' T.Roosevelt
User currently offlineN1120A From United States of America, joined Dec 2003, 26536 posts, RR: 75
Reply 4, posted (7 years 9 months 4 weeks 14 hours ago) and read 1860 times:

BofA and Barclay's already cooperate under their global ATM partnership (which also includes Scotiabank in Canada, BNP Paribas in France and others), so it isn't much of a reach. I don't think they should change the name though, as I don't know how well that would go over in the UK


Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
User currently offlineN328KF From United States of America, joined May 2004, 6489 posts, RR: 3
Reply 5, posted (7 years 9 months 4 weeks 13 hours ago) and read 1851 times:

Quoting N1120A (Reply 4):
I don't think they should change the name though, as I don't know how well that would go over in the UK

Well, plenty of these bank holding companies do business under other names in different countries, even though they're integrated:

HSBC (Worldwide) -> Republic (US)
Royal Bank of Scotland (Scotland -> NatWest (England) -> Citizens/Charter One (US) -> Ulster Bank (Ireland)
General Electric (US) -> Money (Worldwide) -> Koei (Japan) -> Lake (Japan)
Bank of Montreal (Canada) -> Harris (US)
ABN-AMRO (Worldwide) -> LaSalle (US)
Toronto Dominion (Canada) -> Banknorth (US)

Etc...



When they call the roll in the Senate, the Senators do not know whether to answer 'Present' or 'Not guilty.' T.Roosevelt
User currently offlineN1120A From United States of America, joined Dec 2003, 26536 posts, RR: 75
Reply 6, posted (7 years 9 months 4 weeks 6 hours ago) and read 1836 times:

Quoting N328KF (Reply 5):
HSBC (Worldwide) -> Republic (US)

HSBC markets itself as HSBC in the US as well.

Quoting N328KF (Reply 5):
Royal Bank of Scotland (Scotland -> NatWest (England)

RBS is in England too.

Quoting N328KF (Reply 5):
Toronto Dominion (Canada) -> Banknorth (US)

That is TD Banknorth, so the TD branding is still there.



Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
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