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Financial Services - 1997
Lloyds TSB is selling International Factors, the US-based provider of factoring and invoice discounting services, to BNY Financial Corp and expects to make a £160m profit on the deal.
ABN Amro of the Netherlands is acquiring the Australian and New Zealand equity investment banking operations of BZW from Barclays Bank for about £71m.
Credit Commercial de France is acquiring a 50% stake in Charterhouse, the UK merchant bank, from BHF of Germany for undisclosed terms, which will give it complete control.
Hambros has agreed the sale of its banking business to Societe Generale of France for £300m, and the rest of its business will be wound down.
Hambros has sold its corporate loan business to Generale de Banque of Belgium for a sum thought to be less than £10m.
Charles Taylor is to acquire Richards Hogg, the marine average adjuster and claims consultant, for up to £11m.
Old Mutual of South Africa is to acquire Capel Cure Myers Capital Management, the UK private client stockbroker, for undisclosed terms.
Norwich Union has acquired Premium Search, the telephone-based motor and household insurance broker, for £17m.
Capital One, the US credit card group, is planning to set up a £30m European operations centre in Nottingham, creating up to 900 jobs.
Halifax is to relocate its treasury business from Yorkshire to London next year, and will be looking to recruit a further 100 staff.
Liverpool Victoria is to acquire Landmark's motor and household insurance business from AIG of the US, in a deal worth about £50m.
NatWest has sold most of the equities operations of NatWest Markets for £179m in a deal with Bankers Trust and Deutsche Morgan Grenfell, and the remaining operations will be closed.
Jardine Lloyd Thompson is acquiring Colburn French & Kneen Holdings, the Lloyds broker that specialises in marine insurance, for £5.25m.
Merrill Lynch of the US has bid £3.1bn for Mercury Asset Management, an offer that would create one of the largest fund management groups in the world.
Edward Jones, the US retail stockbroker, is planning to open 400 offices in the UK over the next seven years.
Barclays is selling its European equities and corporate advisory operations to Credit Suisse First Boston for £100m.
Friends Provident, the mutual life assurer, has announced a reverse takeover of Ivory & Sime, the fund manager, in a £132m deal that will result in the creation of a group called Friends Ivory & Sime.
Abbey National is to set up a £5.8m telephone service and software development centre in Belfast, with £3.3m of government aid, creating 438 jobs.
Baker Tilly is to merge with Casson Beckman to create the 13th largest accountancy firm in the UK.
General Accident has acquired Canadian General Insurance Group for £270m, increasing its share of the Canadian market from under 7% to 10%.
NatWest Group has sold NatWest Sellier Patrimoine and NatWest Sellier Gestion, the French investment management businesses, to Banque Bruxelles Lambert France for undisclosed terms.
KPMG and Ernst & Young are planning a merger that will create the largest accountancy firm in the world, although the move could prompt regulators to take an even closer look at the merger between Coopers & Lybrand and Price Waterhouse.
Standard & Poor's of the US is acquiring Micropal, the UK mutual funds data provider, for undisclosed terms, which will help it provide a one-stop solution to the fund industry.
Sun Life & Provincial is to sell its 83% stake in New Ireland, the Irish life assurance concern, to the Bank of Ireland for £190m.
Zurich Group of Switzerland is planning to acquire BAT Industries' financial services companies, including Eagle Star and Allied Dunbar, which are valued at almost £10bn.
Canada Life is acquiring the UK insurance operations of Metropolitan Life for about £175m, making it one of the top 20 life and pensions companies in the UK.
Benfield is acquiring Greig Fester, the rival re-insurance company, for £120m.
GE Capital is acquiring Credit Lyonnais's 54% stake in Woodchester, the Irish leasing company, in a deal that values Woodchester at £540m.
Coopers & Lybrand and Price Waterhouse are planning a merger which would create the largest accountancy firm in the world, but the move is likely to face an investigation by the Office of Fair Trading.
Rabobank, the Dutch co-operative bank, is preparing to build up its London investment banking business, and has asked head-hunters to find 400 staff.
Premier Asset Management is acquiring Fleethope and Fleetlynx, the fund management operations, from Fraser Smith for £2.8m.
Munich Re has acquired Apollo Underwriting, the Lloyd's managing agency that specialises in marine insurance, for about £3m.
GE Capital has acquired Stalwart Group, the specialist insurance company, for £43m.
Donaldson, Lufkin & Jenrette of the US is acquiring London Global Securities, the securities lending concern, for undisclosed terms, as part of its ongoing international expansion strategy.
Lloyds TSB has sold Business Technology Finance, the leasing finance company, to Newcourt Credit of Canada for £235m, in order to focus on its core retail banking business.
Cattles is acquiring Lewis, the debt collection agency, for £7.7m.
Bank of Scotland has increased its stake in EFT, the Scottish leasing company, from 11.6% to 92% and plans to integrate the business into its British Linen Leasing subsidiary.
Lloyds TSB has sold its 90% stake in Schroder Munchmeyer Hengst, the German bank, to Union Bank of Switzerland for £100m, as SMH's focus on investment banking does not fit Lloyds' focus on retail banking.
Royal Bank of Scotland is to acquire Birmingham Midshires building society for up to £630m, and members of the society could receive payouts averaging £850 when the deal is completed late next year.
Willis Corroon is to merge its independent financial adviser business with that of Abbey National, creating the second largest such business in the UK.
Abbey National is to open a call centre in Glasgow in November, creating 170 jobs.
Aberdeen Asset Management has acquired Prolific, the fund manager, from Scottish Provident for £61m, in a deal that will give Scottish Provident a 41% stake in Aberdeen.
Eagle Star is to acquire Preferred Direct, the direct motor insurer, from Friends Provident and others for £50m.
Commercial Union has acquired a 55.8% stake in Union Financiere de France, the insurance and investment products company, from Credit Agricole Indosuez for £126m.
Forbes of South Africa is acquiring Nelson Hurst, the UK insurance broker, for £84m.
Axa of France is to merge its Sun Life & Provincial and Axa Equity & Law subsidiaries, creating the third largest life assurer in the UK.
Eagle Star is acquiring La Suiza, the Spanish life and general insurance company, from Swiss Life for £27m.
Bank of Scotland is to acquire EFT Group, the leasing company, for about £90m, and will merge it with its British Linen Leasing subsidiary.
Zurich has acquired Scudder, Stevens & Clark, the US fund management company, in a £1.01bn deal which will reduce its reliance on the cyclical insurance industry.
CE Heath, the insurance broker, is to undergo a £96m management buy-out.
Fedsure of South Africa is moving into the UK with the acquisitions of Beale Dobie from Hambro Insurance Services for £15m, and Policy Portfolio.
Abbey National is to acquire Cater Allen, the private banking group, for £191m in order to boost its offshore banking and treasury services divisions.
Royal & Sun Alliance has acquired AMEV (General), the Irish non-life operation of Fortis Group, for £12m.
Avco Trust is to set up a customer service centre in Sunderland, creating 220 jobs.
Bank of Scotland is to set up a £10m call centre in Motherwell, creating 500 jobs.
Bradford & Bingley is acquiring Mortgage Express from Lloyds TSB for £64m.
Donaldson, Lufkin & Jenrette, the US investment bank, is to set up a private client services group in London, and expects to double its London staff to about 300 over the next few years.
Midland Bank is to set up a call centre in Edinburgh to improve customer service, creating 600 jobs.
De La Rue is acquiring the French-based smart card manufacturing business of Philips, for £54m.
Portman Building Society is planning to merge with Greenwich Building Society to create the sixth largest building society in the UK with assets of £4.3bn.
Commercial Union has acquired Societe d'Epargne Viagere, the French life assurer, and Sinafer, the insurance broker, from Compagnie de Suez for a sum thought to be about £140m.
Royal & Sun Alliance is acquiring the Italian life assurance and pensions business of Prudential for £46m.
First Direct is planning to build a new telephone call centre near Glasgow, which will create 5,000 jobs over the next 7 years.
Prudential has acquired the New Zealand life business of General Accident for £70m.
Prudential Corporation is acquiring Scottish Amicable, the mutual life insurer, for £2.87bn, and will pay policyholders average windfalls of £1,400.
Britannic Assurance is to take on more staff to help sort out problems with pensions mis-selling in order to speed up the review of up to 13,000 cases.
Wellington Underwriting has made an agreed £35m bid for Premium Insurance to create a combined group with over £600m of underwriting capacity.
Royal & Sun Alliance has acquired the non-life insurance business of Bank Argentaria, the Spanish bank, for about £20m.
Donaldson, Lufkin & Jenrette has acquired Phoenix Securities, the merchant bank, for a sum thought to be about £50m.
BAT's Farmers insurance subsidiary in the US has sold three life assurance operations for £202m.
Allied Irish Banks has acquired Dauphin Deposit Corp, the Pennsylvania bank holding company, for £810m.
Matrixx Marketing, the provider of customer care to American Express cardholders in Europe, is creating 150 jobs in Newcastle upon Tyne, many for French and German speakers.