Banks

Capitalia looks ripe for a tumble

5 Dec 2002

The bank's shares boosted by rumours about new sharholders have more than doubled since October. Yet Capitalia would need to spend some E2.6bn to properly provision for its nonperforming and watchlist loans.

Capitalia looks ripe for a tumble

5 Dec 2002

Private equity funds could choke on glut of assets

4 Dec 2002

Barclays issues sombre trading update

3 Dec 2002

It is no surprise that its marketsensitive businesses are suffering in the bear market. More worrying is the weakness of retail banking, where revenue growth has slowed to a crawl.

HVB, Commerzbank merger hopes just a dream

3 Dec 2002

Investors have got overexcited. Munich Re has only said it wouldn't oppose merger, not that it wanted one. A tieup would solve none of the German banks' problems, and might create new ones too.

Barclays issues sombre trading update

3 Dec 2002

HVB, Commerzbank merger hopes just a dream

3 Dec 2002

Intesa in surprisingly good nick

29 Nov 2002

Despite a host of disasters Brazil, bad loans and an outofthe money put option the Italian bank's capital position is OK. The next stage of the turnaround is to deliver doubledigit returns on equity. If that's achieved, the stock will continue to rebound.

BNP snaps up another 5% of Lyonnais

29 Nov 2002

Its siege of its French banking rival is hotting up. But it still could be a long one. It s hard to see how BNP can storm the ramparts. Lyonnais' noyau dur and banking regulations provide it with strong defences.

HSBC/Household deal spread looks wide

29 Nov 2002

With a year of thin gruel drawing to a close, have merger arbs lost their appetite for risk? The value of HSBC s offer is 11.4% above Household's closing price. But the chances of the deal collapsing don t look huge.

Intesa in surprisingly good nick

29 Nov 2002

BNP snaps up another 5% of Lyonnais

29 Nov 2002

HSBC/Household deal spread looks wide

29 Nov 2002

Why has the stock market rallied so fast?

27 Nov 2002

According to one conspiracy theory, fund managers have walked up the market in order to save their own bacon. For now, it is hard to find evidence to back up this assertion. But it is certainly a neat idea.

Abbey focuses on retail core, cuts dividend

27 Nov 2002

The group s diversification strategy landed it in the mess it is in, so focusing on personal finance is probably wise. The dividend cut is painful but prudent. Abbey will have to shrink and write off lots of capital before growing again.

Why has the stock market rallied so fast?

27 Nov 2002

Abbey focuses on retail core, cuts dividend

27 Nov 2002

Santander rebuilds its capital position

26 Nov 2002

The Spanish bank s Banesto share offering, and RBoS and Bital sales, have put its capital base back on track. But that doesn t mean SCH is completely out of the woods yet.

Santander rebuilds its capital position

26 Nov 2002

BNP pays heaps for Credit Lyonnais stake

25 Nov 2002

The move has certainly stopped Credit Agricole from creeping towards control of Lyonnais. But the price looks hard to justify, even were BNP to buy the rest of Lyonnais and crunch out costs.