Another step towards a world with three competing corporations controlling 90% of the world's wealth.
Barclays Nears $80 Billion Deal For ABN Amro - WSJ.com
In what would be the largest-ever banking deal in Europe, the Netherlands' ABN Amro Holding NV is nearing a deal to be acquired by Barclays PLC of the United Kingdom for more than $80 billion, according to people close to the matter....Talks could still fall apart as the two sides hammer out further details, these people warned. Such a large and complex deal -- a cross-border merger involving businesses that span the globe and several regulatory authorities -- could fall apart at many junctures due to small differences.
If successful, the transaction would create a global banking giant with world-wide consumer operations, including in the U.S., and businesses ranging from exchange-traded funds and fixed-income to investment banking and credit cards. Such a European giant could better compete with global banks in the U.S. and Asia.
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The combined bank would have sweeping operations around the world, putting ABN Amro's LaSalle bank in Chicago and operations in 53 countries -- including a big consumer presence in the Netherlands, Italy and Latin America -- alongside Barclays's big U.K. retail and investment bank and San Francisco asset management arm. Barclays's Mr. Varley sees expansion into the so-called BRIC countries -- Brazil, Russia, India and China -- as a top priority and something that ABN Amro offers because of its holdings in Brazil.
Bigger is not always better, we'll see in ten years if this was a smart move or not.
Tags: architecture, /bank
