Word: hongkong
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Dates: during 1980-1989
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Little Bang has also made London a special attraction for commercial banks. Britain has no equivalent of the U.S.'s Glass-Steagall Act, which prohibits % commercial banks from underwriting stocks and bonds as investment bankers do. Thus such institutions as Citicorp, the Union Bank of Switzerland and the Hongkong and Shanghai Bank have flocked to London seeking brokerage partners. In all, 64 of the Exchange's 200 brokers and jobbers have now been acquired by larger foreign or domestic firms, or have merged in self-defense...
...architect's model on display last week at Manhattan's Museum of Modern Art looked rather like an upended radiator. But check the price tag. According to a number of guesstimates, the headquarters skyscraper of the Hongkong and Shanghai Banking Corp., scheduled for completion in 1985, could eventually cost $920 million, making it the most expensive single building in history. At 41 stories, it would cost only a little less than the $1.1 billion for the entire World Trade Center complex, with its twin towers of 110 stories each and its thousands of offices, including those...
...timing of the deal may cause problems. A four-month congressional moratorium on foreign takeovers of U.S. banks expired two weeks before Midland's action. That ban had been inspired by the wave of foreign acquisitions of U.S. banks, such as the Hongkong and Shanghai Banking Corp.'s purchase of 41% of New York's Marine Midland. Financiers now are worried that the Crocker deal might push Congress to erect new barriers. Indeed, the General Accounting Office is expected to recommend next month that Congress reinstate the moratorium. That would limit the activities of British banks...