Swiss Life buys into bank sector

Article Abstract:

Swiss Life has reached an agreement to acquire Banca del Gottardo for 2.4 billion Swiss francs ($1.66 billion). The deal signals Swiss Life's expansion into the banking sector. Under the two-stage deal, Swiss Life will purchase Sumitomo Bank's 53.5% share of Gottardo for 1.37 billion Swiss francs by the end of March 1999. Afterwards, Swiss Life will submit a public tender bid of 1.01 billion francs to the remaining stockholders in Gottardo.

Comment:

Swiss Life to acquire Banca del Gottardo for 2.4 billion Swiss francs ($1.66 billion)

Switzerland, Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Insurance industry, Abstract, Swiss Life, Banca del Gottardo

Hungary approves purchase of ING Bank unit by Citibank

Article Abstract:

The Banking Authority PSZAF of Hungary has approved Citibank's planned takeover of ING Bank's retail division, Citibank Rt. Citibank is acquiring the unit for an undisclosed amount.

United States, Retail Banking Services, Foreign operations, Hungary, Retail banking, Citibank N.A. (New York, New York), ING Bank N.V., Citibank Rt

Bank Ekspres will be sold to Tekfen Holding

Article Abstract:

Tefken Holding AS will acquire Bank Ekspres, an insolvent bank based in Turkey. The deal will go into effect on June 30, 2001.

Construction, Turkey, Construction industry, Tefken, Bank Ekspres