Thirteen years ago a tough-talking former US marine took charge of North Carolina National Bank (NCNB). Today, Hugh J McColl Jnr is one of the most talked-about bankers in America.
Through a series of bold and often ingenious takeovers, he has taken his bank – renamed Nationsbank in 1991 – from 29th to third-largest bank in the US (measured by market capitalization).
Nationsbank now threatens more than regional banking franchises in the southern US. Corporate finance, trading and investment banking are among the bank’s fastest-growing business areas, accounting for roughly a third of its net income last year.
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