February 2003
Watch for the wave
M&A
Last year went out with a bang as far as financial
M&A was concerned. After a relatively uneventful 12
months, HSBC swooped on Household, and Crédit Agricole
announced that it was finally bidding for the rest of Crédit
Lyonnais.
Could this be the beginning of the long-awaited wave
of consolidation, even cross-border consolidation, in the
banking sector? As many banks struggle to maintain capital
ratios in the face of a market that has dive-bombed, it would
be difficult to blame the richer among them - such as BNP
Paribas, UniCredito Italiano and Lloyds TSB - thinking that
now is a good time to team up with a cash-strapped
rival.
France is a key market to watch. If Crédit Agricole gets the
go-ahead from the French regulator to buy Crédit Lyonnais, the
frustration of losing out could propel BNP's chairman Michel
Pébéreau into action. His target if Crédit Lyonnais were taken off
the...
You must be a Level 2 subscriber to access this archived content.
If your subscription includes access to the archive, please log in now to view.
To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe