The City and the global village

Article Abstract:

Swiss Bank Corp's plans to take over the investment banking activities of Warburg are part of a trend which is starting to cause concern in the City of London. It highlights the weaknesses of the UK's economy, and should be taken into consideration by the Labour party as it attempts to formulate an economic policy to deal with latest trends in the global marketplace. The planned takeover is of particular concern because Warburg is not simply a niche player, but had global ambitions.

International aspects

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N&P faces 1.1bn pounds sterling Abbey bid

Article Abstract:

Abbey National is likely to face strong competition from Alliance and Leicester Building Society to plans to make a bid of around 1.1 billion pounds sterling for National and Provincial Building Society. Abbey has encountered problems with its plans to purchase National and Provincial, as the move is being seen by the building society movement as the first ever hostile takeover bid for a mutual society. Abbey has emphasised that its approach is not hostile in nature.

Abbey National PLC, Savings and loan associations, National and Provincial Building Society

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Warburg's hopes crumble

Article Abstract:

SG Warburg looks set to sell its investment bank and securities activities to Swiss Bank Corp, ending its efforts to establish a world-ranking integrated banking operation. Any offer from Swiss Bank Corp would not include a bid for the whole of the SG Warburg Group, and Mercury Asset Management, Warburg's fund management unit, would probably become completely independent for the first time.

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