Word: amro
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...Plenty of foreign firms have learned that the hard way. One of their main concerns is government meddling?a practice that Carl Thayer, a political professor at the Australian Defence Force Academy, calls "kicking the foreigner in the shin and demanding compensation." In a recent instance, Dutch bank ABN AMRO was accused by authorities of illegal foreign-exchange trades with state-owned Incombank, costing the latter $5.4 million. The Vietnamese bank is demanding that ABN AMRO repay the losses?even though they were incurred by an Incombank employee. ABN AMRO says it has done nothing wrong. Incombank won't comment...
...telecom operations crawled up by a paltry 1%. But if there's one positive thing to be said for such businesses, it's that they're dependable generators of cash. "Fixed-line companies are effectively like utilities," says John Heagerty, a Sydney-based financial-services analyst at ABN AMRO Securities. "They have steady and predictable cash flows...
...Christian ideal of love for humanity. "The kingdom of God can be found in the thick of the markets, and God calls some Christians to take the risk of being there," he writes. Not much risk taking is expected from Green, though. Ian Smillie, a bank analyst at ABN AMRO in London, calls Green "classic HSBC," which he describes as "considered" but "never cutting edge." Green will certainly need to sort out the bank's underperforming investment-banking business...
...Italian central bank Antonio Fazio tried to squash two bids by foreign banks for Italian ones. But his efforts quickly turned to a scandal after the publication of taped phone calls. Fazio finally quit just before Christmas - and one of the foreign bids, by Dutch bank ABN AMRO for Banca Antonveneta, eventually succeeded. Domestic politics remains a temporary risk, says Morgan Stanley's Pereira, but "the forces underlying European M&A trends are much stronger than any episodic national pushback." Indeed, mergers have a way of perpetuating themselves. Barrett says that chief executives of European companies are now under pressure...
...wake of the Fazio-Fiorani revelations, BPI's bid for Antonveneta has been blocked by magistrates, and its rival, Dutch bank ABN Amro, has taken a majority stake in Antonveneta, making it the first foreign owner of a major Italian lender. Meanwhile, Fiorani, under investigation for allegations of insider trading, market rigging and giving false statements, has resigned as BPI chief...