Banks

BNP pays heaps for Credit Lyonnais stake

25 Nov 2002

Credit insurance further muddies bank earnings

19 Nov 2002

In the recent past, it hasn't been a bad idea for banks to hedge their loan books. But as a recent case with UBS suggests, this practice may make their accounts even more opaque.

Credit insurance further muddies bank earnings

19 Nov 2002

Monte Paschi calls BNL deal `frozen’

15 Nov 2002

This dovetails with talk the Bank of Italy wants to reduce the influence of Monte Paschi's foundation before approving a BNL deal. Combined with new shares Monte Paschi is issuing to mop up minorities, a nilpremium BNL offer would dilute the foundation to below 50%.

Monte Paschi calls BNL deal `frozen’

15 Nov 2002

HSBC to buy Household Intl for $14.2bn

14 Nov 2002

The price, at 1.6 times book value, looks relatively good for HSBC shareholders. By contrast, Citi paid 3 times book for Associates. At 7.2 times estimated 2002 eps, the deal also compares favourably. HSBC may be striking at the right time of the credit cycle.

Credit Suisse suffers big Q3 client outflows

14 Nov 2002

Particularly worrying was the decline in private banking inflows. UBS took nearly three times as much money in Q3. Credit Suisse s private bank accounts for most of the group s value.

Lazard’s Felix Rohatyn rides again

14 Nov 2002

The bankers at Lazard must be fuming. The former NY senior partner popped up as consigliere to HSBC. Is this old face the new face of M&A advice? At least HSBC can be sure that one man and a secretary poses no conflicts of interest.

Commerzbank results window dressed

14 Nov 2002

The group has written up a highly questionable gain on a mortgage bank merger deal. Investors should not give too much credit to this.

Credit Suisse suffers big Q3 client outflows

14 Nov 2002

Lazard’s Felix Rohatyn rides again

14 Nov 2002

HSBC to buy Household Intl for $14.2bn

14 Nov 2002

Commerzbank results window dressed

14 Nov 2002

SCH’s Banesto share offer a piece of internet arcana

13 Nov 2002

Remember how cashhungry telecom firms floated illiquid minority stakes in their internet subsidiaries at the height of the tech boom? Spanish bank SCH has now made the idea its own. It didn t work well for investors then. It is unlikely to do so now.

Accounting issues may in fact boost German equities before year-end, says David Reilly.

13 Nov 2002

SCH’s Banesto share offer a piece of internet arcana

13 Nov 2002

UBS Q3 tops forecasts, drops Warburg name

12 Nov 2002

The private bank is humming along. Cost control is good, as is credit quality. And the group s capital base is strong. Yet this is only a picture of relative strength. UBS has escaped many postbubble problems, but not the broader slowdown.

Commerzbank falls into loss in 3Q

12 Nov 2002

Ignoring a paper gain on the deconsolidation of a subsidiary, the figures were horrendous. Commerzbank is trying to cut costs but it can t afford to leak revenues in the process.

UBS Q3 tops forecasts, drops Warburg name

12 Nov 2002

Commerzbank falls into loss in 3Q

12 Nov 2002