SCOTLAND MANOEUVRES FOR ACTION
A sense of apprehension mingles uneasily with the scent of opportunity as the Scottish financial community ponders its role in the revolution in UK securities markets.
These fears have long, deep roots. They stretch back to 1977 when the UK National Coal Board and British Rail pension funds staged successful raids on two leading Scottish investment trusts; and, more importantly, to 1981, when the Royal Bank of Scotland, planning a merger with Standard Chartered, found itself on the receiving end of a rival and hostile bid from Hongkong and Shanghai Bank.
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