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.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 World Cup 2014: 20 things we learned in Brazil
- 2 Why I'm on the brink of burning my Israeli passport
- 3 War is war: Why I stand with Israel
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Pamplona bull run: Man who contributed to a survival guide for the festival falls foul of the raging beasts
Israel-Gaza conflict: William Hague calls for ceasefire but says Israel 'has the right to defend itself'
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...