Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Italy’s UniCredit hopes to merge with France’s Societe Generale

Will there be a new super-bank in town?

The Financial Times reported on Tuesday that two of Europe’s largest commercial banks could potentially merge soon. Italy’s UniCredit hopes to acquire Societe Generale in one of the biggest bank acquisitions of all time.

However, a deal is far from definitive. UniCredit did not comment on the Financial Times report, and Societe Generale actually denied any discussion of a merger with the Italian bank.

But if the companies do merge, their combined assets would value roughly $2.5 trillion, based on their 2017 reports. This figure would put them in the same ballpark as HSBC, Europe’s largest bank, which lent $2.522 trillion in assets last year.

Additionally, these banks aren’t the only ones considering major acquisitions. The Financial Times also reported that Barclays is seeking an acquisition of Standard Chartered Bank. Mainly, this would curb any unruly demands from now major shareholder Edward Bramson, who has a history of pressuring banks into unideal situations. Plus, the merger would spread Barclays’ reach from the UK and US to Asia, Africa, and the Middle East.

Rumors have also been circulating that German Deutsche Bank will merge with its rival, Commerzbank. This acquisition would create a super-bank of the two major banks in Germany.

Europe’s banks are seeking major acquisitions. Although the validity of these rumors is uncertain, they are certainly possible. These banks show that major mergers and acquisitions are becoming more popular not only domestically, but worldwide as well.

 

Featured image via Flickr/Ale Desiderio

 


Comment Template

You May Also Like

Politics

Federal Reserve officials say inflation has dropped closer to their objective in recent months but anticipate cutting their benchmark interest rate once this year....

Business

Due to increasing demand for fresh produce, food sales rose 5%. Tesco Finest sales increased “strongly” as buyers sought premium products. Kantar reported that...

Business

The 50-year U.S.-Saudi petrodollar deal expired recently. Global crude oil transactions employ the U.S. dollar, known as the “petrodollar”. After the U.S. left the...

Finance

  Nvidia shares will drop to 10% of last week’s price for good cause. On the first trading day of today, Nvidia stock is...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok