Time runs out in French bank saga

Article Abstract:

The decision by Banque Nationale de Paris (BNP) in Mar 1999 to make a 38 billion euro bid to counter the deal between Societe Generale and Paribas could have significant repercussions, both for the French banking industry and for the banking industry worldwide. The outcome remains uncertain, but Sheila Garrard, French banks analyst at Lehman Brothers, anticipates that BNP will gain more than 50% of Paribas but only a large minority stake in Societe Generale. If this happens, Bank of France Governor Jean-Claude Trichet will have to put pressure on Societe Generale to reach a deal with BNP.

Comment:

Has received competing acquisition bids from BNP and Societe Generale

Commercial Banks, Commercial Banking, Asset sales & divestitures, Acquisitions & mergers, France, Banking industry, Mergers, acquisitions and divestments, Societe Generale S.A., Banque Nationale de Paris (Paris, France), Paribas S.A.

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Nothing to fear from Y2K but ourselves

Article Abstract:

Mass hysteria could have a more significant impact on world financial markets as the 21st century approaches than the year 2000 computer date change problem. Financial authorities such as the US Securities & Exchanges Commission are emphasizing that financial firms are well prepared for the new millennium, but ordinary people are still not convinced. Most banks forecast that many customers will withdraw large amounts of cash in the run-up to the millennium, and this, along with stockpiling of goods, could have a significant impact on the economy.

Management, Financial services industry, Financial services, Forecasts and trends, Year 2000 transition (Computers), Financial markets

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Bank stock falls on fear tech firms will default

Article Abstract:

Banks stocks have been negatively affected by a letter to 34 UK banks from UK Financial Services Authority Chmn Sir Howard Davies calling for continued caution about telecoms debt. Wider issues concerning loans to the technology, media and telecoms sector are discussed.

COMMUNICATION, Communications, Broadcasting and Telecommunications, High technology industry, Finance, Telecommunications services industry, Telecommunications industry

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