Euro banks are highlight of Lyonnais sale

Article Abstract:

The complex rescue package agreed with the French government to save state-owned Credit Lyonnais will provide good opportunities for potential acquirors, particularly those in the banking sectors. The agreement requires Lyonnais to refocus on its core French banking business and divest much of its overseas banking network as well as its considerable investments in French industry. The bank has already sold Bank Lombarda in Italy and other disposals will be necessary. The French government expects to privatise Credit Lyonnais within five years.

Management, Credit Lyonnais

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Unitas takes over KOP

Article Abstract:

The deal between Finnish banks Kansallis-Osake-Pankki (KOP) and Union Bank of Finland (Unitas) is officially being called a merger, but observers are pointing out that in reality Unitas is acquiring KOP, which has virtually collapsed. Unitas itself is not particularly financially strong, but the new combined bank will have assets of 300 billion Finnish marks.

Mergers, acquisitions and divestments, Kansallis-Osake-Pankki, Union Bank of Finland

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