What a coup it could have been for ABN Amro. The flying Dutchman oh so nearly snaffled the top spot on IFR’s charity tombstone away from Deutsche Bank just as the Germans were sitting back to admire their victory.
The ritual is now well established. Every year the bond markets publication’s awards dinner features a fund-raising auction where banks pledge money and move up the tombstone according to which bids the most.
The 15-minute auction usually concludes with the winner of the best bank award sealing its victory with the largest handout ? normally whatever it takes to push the total raised over the £1 million mark.
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