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finance
This page provides some benchmarks for acquisitions and
disposals during the telecommunication booms and busts
of the past twenty years.
It covers -
banks and broking
Banking sector landmarks include -
-
National Australia Bank pays £976.5m for Yorkshire
Bank in 1990
- Midland
sells Thomas Cook to Westdeutsche Landesbank for £600m
in 1992
- HSBC
acquires Midland for £3.9bn in 1992
- Lloyds
acquires TSB in 1995
- Chemical
and Chase Manhattan merge in US$11.3bn deal in 1995
- Wells
Fargo buys First Interstate Bancorp for US$12bn in 1996
- Travelers,
Salomon Brothers and Smith Barney join in US$9bn merger
in 1997
- First
Union buys CoreStates Financial for US$17bn in 1997
- NationsBank
acquires Barnett Banks for US$15bn in 1997
-
Citigroup formed through US$82bn merger of Travelers
Group and Citicorp in 1998
- Bank
One and First Chicago NBD merge in US$29bn deal in 1998
- NationsBank
(US) acquires BankAmerica (US) for US$66bn in 1998 -
$580 billion assets
- TD
Bank buys Canada Trust Financial Services from British
American Tobacco (BAT) for C$8bn in 1999
- BNP
merges with Paribas in 1999
- GM
subsidiary GMAC buys commercial finance unit of Bank
of New York for US$1.8bn in 1999
- Fleet
Financial and BankBoston merge in US$16.2bn deal in
1999
- Fuji
Bank, Dai ichi Kangyo and IBJ merge in 1999
- HSBC
buys Republic Bank from Edmond Safra for £6.2bn
in 1999
- HSBC
acquires CCF for £6.8bn in 2000
- Royal
Bank of Scotland acquires NatWest for £21 billion
in 2000
- Barclays
acquires Woolwich building society for £5.4bn
in 2000
- Unidanmark
acquired for €4.8bn by MeritaNordbanken in 2000
- ANZ
sells Grindlays to Standard Chartered for £823m
in 2000
- Danske
Bank pays US$3.1bn for RealDanmark in 2000
- UBS
pays US$11.8bn for PaineWebber in 2000
- Chase
Manhattan buys JP Morgan for US$34bn in 2000
- Citizens
Financial Group buys Mellon Bank for US$2.1bn in 2001
- Allianz
acquires Dresdner for US$20.65bn in 2001
- Crédit
Agricole buys Crédit Lyonnais for €1.9bn
in 2002
- Citigroup
acquires Golden State Bancorp for US$5.8bn in 2002
- JP
Morgan Chase merges with Bank One in US$59bn deal in
2003
- Bank
of America buys FleetBoston Financial for US$49bn in
2003
- BNP
Paribas pays US$2.4bn for United California Bank in
2003
- Banco
Santander Central Hispano buys Abbey National in £8.5bn
deal in 2004
- National
Australia Bank sells National Irish Bank of Ireland
and Northern Bank to Danske Bank for £967m in
2004
- Royal
Bank of Scotland buys Charter One Financial for US$10.5bn
in 2004
-
Bank of America pays US$35bn for MBNA in 2005
- Bank
of America pays US$3bn for 9% of Bank of China in 2005
-
Barclays pays US$4.2bn for 54% of Absa in 2005
- Unicredito
buys HVB Group for €15.4bn in 2005
- Raffeisen
buys Aval Bank for US$3.2bn
- ABN
AMRO pays $3.9bn for 39% of Antonveneta in 2005
- Merrill
Lynch pays US$400m for Advest in 2005
credit cards
-
Lloyds TSB sells Goldfish credit cards business to Morgan
Stanley for £975m in 2005
- Hudson's
Bay Co. agrees to sell private-label credit card and
related financial services arm to GE Money for US$370m
in 2006
insurance and investment
Insurance and funds management sector landmarks are
-
-
Merrill Lynch agrees to exchange asset management unit
for
49.8% stake in BlackRock in US$4.65bn transaction in
2006
- J
P Morgan Chase agrees to sell Chase Insurance to Protective
Life for about US$1.2bn in 2006
- GE
sells reinsurance business to Swiss Re for US$6.8bn
in 2005
- Old
Mutual buys Skandia AB for US$5.7bn in 2005
- Britannic
pays £835m for Resolution Life in 2005
- Schweizerisch
Rueckversicherung buys CNA Financial for US$690m in
2004
-
Chase Manhattan pays US$7.75bn for Robert Fleming
- Axa
pays US$1.45bn for MONY in 2004
- Manulife
buys John Hancock Financial for US$10.3bn in 2003
- St
Paul Cos. agrees to buy Travelers Property Casualty
for US$16bn in 2003
- Great
West Lifeco acquires Canada Life Financial in C$7.3bn
deal in 2002
- Sun
Life Financial acquires Clarica Life in merger worth
C$7.3bn in 2001
- HIH
sells part of its domestic business to Allianz for $500m
in 2000
- AXA
buys Guardian Royal Exchange for £3.4bn in 1999
- Prudential
buys M&G for £1.9bn in 1999
- Fairfax
Financial buys TIG Holdings for US$847m in 1999
- Centrica
pays £1.1bn for The Automobile Association in
1999
- Lloyds
TSB acquires Scottish Widows for £6.7bn in 1999
- AMP
pays $920m for UK fund manager Henderson Investors in
1998
- Fairfax
Financial buys Crum & Forster from Xerox for US$565m
in 1998
- XL
pays US$2.9bn for Mid Ocean of Bermuda in 1998
- Commercial
Union buys General Accident for £7.2bn in 1998
- HIH
acquires FAI Insurance for $300m in 1998
- St
Paul Companies pay £400m for Minet Holdings in
1988
-
Great-West Lifeco pays C$3bn for London Insurance Group
in 1997
- Aon
pays US$1.23bn for Alexander & Alexander in 1996
- BAT
pays £968m for Eagle Star in 1984
See
in particular Gary Dymski's The Bank Merger Wave:
The Economic Causes & Social Consequences of Financial
Consolidation (Armonk: ME Sharpe 1999).
banks and broking
Banking sector landmarks include -
- Deutsche
Bank buys Boullioun from Sumitomo Trust & Banking
for US$120m in 1998
- Newcourt
Credit acquires CIT for US$2.8bn in 1999
- GE
Capital Corp agrees to acquire bankrupt Japan Leasing
Corp for US$7bn in 1999
- Morgan
Stanley buys AWAS (formerly Ansett Worldwide Aviation
Services) in 2000
- Deutsche
Bank sells Boullioun to WestLB for US$1.2bn in 2001
- WestLB
sells Boullioun to Aviation Capital for US$2.5bn in
2005
- Morgan
Stanley agrees yesterday to sell AWAS to Terra Firma
Capital Partners for US$2.5bn in 2006
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