Former city bruiser throws in the towel

Article Abstract:

S.G. Warburg is negotiating a merger withSwiss Bank Corp (SBC). Other European companies have also helped support firms from theCity of London, such as ING, which has baled out Barings. The Warburg and SBC merger wouldexclude Mercury Asset Management, which is 75% owned by Warburg. Warburg has issued aprofits warning. Prior to this warning Warburg was valued at 800 million pounds sterling, butWarburg's income base has been eroded, and key employees are leaving. Warburg is in need of arapid agreement on a merger.

Swiss Bank Corp. (Switzerland), S.G. Warburg and Company Ltd.

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Owned by them, made by us

Article Abstract:

Foreign involvement in the UK financial services industry looks set to increase with a number of symbolic takeovers setting the trend. Barings has been acquired by Internationale Nederlanden Group, SG Warburg has been acquired by Swiss Bank Coporation, and Dresdner Bank is seeking to acquire Kleinwort Benson. London, England offers many advantages to the industry such as skilled workers, support services of lawyers and accountants, and benign regulations.

Economic aspects, Financial services industry, Financial services, London, England

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