Rescue of Russia's Tokobank founders, raising fears for sector

Article Abstract:

Tokobank's efforts to resuscitate itself have collapsed, after Bank of Moscow decided not to acquire a majority stake in one of the largest and most problem-riddled banks in Russia. The acquisition was to cost $150 million, but it was found that it would have cost $500 million to revitalize the bank. Following the refusal to acquire, the European Bank for Reconstruction decided to sell its 9.6% stake in the bank. Western lenders with a $340 million exposure to the bank, will probable experience losses in the sector.

Comment:

Tokobanks recent attempts to resuscitate itself have failed

Strategy & planning, Russia, Tokobank

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Germany's Hannover Re plans to buy Clarendon Insurance for $500 million

Article Abstract:

Germany's Hannover Re will pay $500 million for New York specialty insurer Clarendon insurance group, pending regulatory approval. The purchase will raise Hannover's gross premium income by over 15%, from 9.5 billion marks to 11 billion marks. Hannover is the fifth-largest company in the rapidly consolidating reinsurance industry. Buying Clarendon will diversify its holdings to include program business, the high-risk, non-standard insurance policies avoided by traditional insurers.

Comment:

To acquire Clarendon Insurance Group for $500 million, US

United States, Foreign operations, Germany, Insurance, Insurance Carriers and Related Activities, Reinsurance, Reinsurance Carriers, HANNOVER Ruckversicherungs-AG, Clarendon Insurance Group

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ABN Amro tops Fortis in bank bid

Article Abstract:

ABN Amro Holding NV made the largest-ever offer for a European bank with a 24.5 billion guilders ($12.3 billion) bid for Generale Bank of Belgium. The offer is a serious challenge to Generale's planned merger with Fortis AG. ABN's bid translates into a 27,095 Belgian francs ($747) per share purchase price for Generale. Fortis had previously offered 23,051 Belgian francs per share.

Comment:

ABN Amro Holding NV makes a 24.5 billion guilders ($12.3 billion) bid for Generale Bank of Belgium

Belgium, ABN AMRO Holding N.V., Generale Bank of Belgium

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