Merrill Lynch launches team to advise buyouts

Article Abstract:

Merrill Lynch and Co. has rolled out in early September 1998 a team based in London, UK, that is designed to secure business from leveraged-buyout firms. The move is part of a continuing effort by the company to expand the investment-banking services it offers in Europe. Merrill Lynch formed the team as leveraged-buyout firms, known as financial sponsors or private-equity specialists, eye the continent. The company had already experienced good fortune in the field when it facilitated the marketing of $90 million in debentures in one of the nondollar junk deals in Europe in 1997.

Comment:

Rolls out a team based in London, the UK, in early September 1998, designed to secure business from leveraged-buyout firms

Securities Dealers, Investment Banking and Securities Dealing, Marketing procedures, Services introduction, Merrill Lynch & Company Inc.

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Standard Chartered net fell 4.4%

Article Abstract:

Standard Chartered PLC reported 1998 first-half pretax earnings of 416 million pounds sterling, representing a 4.4% decline for the same period in 1997. The bank's performance, which was not as bad as earlier predicted, was helped by an increase in the number of clients for the period who view the long-established bank as a secure place to keep their funds. The bank had earlier provided a total of 189 million pounds sterling ($309.5 million), a large increase from the 44 million pounds sterling it set aside for the same period in 1997, to cover its bad debts in Asia.

Comment:

Reports 1998 1st-half pretax earnings of 416 mil pounds sterling, representing a 4.4% decline for the same period in 1997

Sales, profits & dividends, Standard Chartered PLC

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Barclays to pay $192 million to end suit

Article Abstract:

Barclays reached an agreement to pay 116 million pound sterling ($192 million) as part of a claims settlement. The case involved the company's advisory role for a client. Barclays advised the client to purchase a firm that ended being insolvent. The 116 million pound sterling payment constitutes most of the 150 million pound sterling settlement agreed upon by parties who were involved in litigation brought forth by British & Commonwealth Holdings.

Comment:

To pay 116 million pound sterling ($192 million) as part of a claims settlement

Legal issues & crime, Banking industry, Cases, Abstract, Barclays PLC

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