| Headline: Eurozone Source: Euromoney Date: July 2000 Author: Peter Lee Eurozone Best Domestic Bank: Deutsche Bank Best Foreign Bank: Citibank Best Bond Firm: Deutsche Bank Best Foreign Bond Firm: UBS Warburg Best Equities Firm: Deutsche Bank Best Foreign Equities Firm: Merrill Lynch Best M&A adviser: Lazard Best Foreign M&A Adviser: Goldman Sachs The future of banking in Europe remains difficult to discern as the continent's leading banks continue to struggle with local competitors in domestic consolidation while stopping short of cross-border takeovers. The forces of nationalist sentiment remain strong in Europe, as evidenced by the hostile reaction in Portugal to BSCH's attempt to acquire from the Champalimaud group a large slice of the Portuguese banking system. Belgium is a rare example of a European country that has allowed its largest domestic banks to be taken over by banking giants from neighbouring countries. Even the large Dutch banks now seem rather stuck. ABN Amro made much of its taking a 9.8% stake in Banca di Roma last year, but this has scarcely been the starting point for pan-European expansion. French banking is still in the aftershock of the three-way battle between BNP, Société Générale and Paribas, which first saw SocGen and Paribas seek to merge, then BNP bid for both and finally end up with Paribas, when its real target was SocGen. |