Company Of The Week: Bank of Scotland
Sunday 28 November 1999
Stephen Byers, the Secretary of State for Trade and Industry, said the BoS bid, the biggest ever in British banking, won't be referred to the Competition Commission. BoS made its initial offer two months ago, promising to squeeze savings and to better manage Britain's third-largest bank. The bank "can run NatWest better, improve its performance, and transform its future profitability," said BoS governor, Sir John Shaw.
"We have noted the increased offer and we'll respond at the appropriate time," said Steve Colton, a NatWest spokesman.
BoS has said it plans to sell NatWest's Ulster Bank, Gartmore Fund Management and Greenwich NatWest, distributing proceeds as a special dividend to up the offer to pounds 27.6bn or 1,652p a NatWest share.
Royal Bank of Scotland, a neighbour and larger rival of BoS, has told the Government it's considering a bid for NatWest, and on 6 December regulators will announce if such a proposal would be referred to the Competition Commission.
Under chief executive Peter Burt, BoS has expanded its retail network in the UK and Australia, and moved into continental Europe and Ireland.
BoS said it first approached NatWest about a possible offer at the end of 1997. It also held takeover talks that year with Barclays shortly after the resignation of the Barclays chief executive, Martin Taylor.
While BoS doubled its profit in the last five years by focusing on its main business, NatWest's earnings fluctuated as it expanded into new areas and disposed of units such as NatWest Markets, an investment bank, and its US retail banking operations which were sold in 1996 to Fleet Financial Group at a loss.
New UK station Russia Today gives a very bizarre view of Britain
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
Top Gear presenter is no stranger to foot-in-mouth controversy
New essay by JK Rowling went live on Pottermore site this morning
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 Top Gear presenter Jeremy Clarkson criticised for beer tweet
- 5 The bubble bursts for Sodastream
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Top Gear presenter Jeremy Clarkson criticised for beer tweet
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
The bubble bursts for Sodastream
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...