Thursday, March 29, 2007
S AFRICA'S BANK WATCHDOG QUESTIONS BARCLAYS PURCHASE
By James Lamont and Peter Thal Larsen in London and Alec Russell in Johannesburg
Thursday, March 29, 2007, FT
Barclays' recent track record on acquisitions has been called into question after its ownership of South Africa's largest bank was described as “discouraging” by the country's chief banking regulator.
The comments by Tito Mboweni, governor of the South African Reserve Bank, will prove embarrassing to Barclays, which is in exclusive talks to buy ABN Amro, a Dutch bank. Barclays is prepared to make significant concessions to secure that deal, including a commitment to move its head office to Amsterdam.
Barclays executives are racing to finalise an offer for ABN, which has also attracted interest from other banks. However, the prospects of a counterbid by Citigroup faded last night after Barclays retained the US company to work as one of its investment banking advisers on the deal. ¶ 1:22 AM
Thursday, March 29, 2007, FT
Barclays' recent track record on acquisitions has been called into question after its ownership of South Africa's largest bank was described as “discouraging” by the country's chief banking regulator.
The comments by Tito Mboweni, governor of the South African Reserve Bank, will prove embarrassing to Barclays, which is in exclusive talks to buy ABN Amro, a Dutch bank. Barclays is prepared to make significant concessions to secure that deal, including a commitment to move its head office to Amsterdam.
Barclays executives are racing to finalise an offer for ABN, which has also attracted interest from other banks. However, the prospects of a counterbid by Citigroup faded last night after Barclays retained the US company to work as one of its investment banking advisers on the deal. ¶ 1:22 AM
