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Barclays Moves on ABN, but Citi Hovers Menacingly?

Barclays, Britain‘s third biggest bank, said last week that it was in exclusive merger talks with ABN Amro. The proposed 80 billion merger would create Europe‘s largest cross-border transaction to date and the world’s fifth largest bank

 

Barclays said a combined company would be listed in London but headquartered in Amsterdam, with the Dutch central bank as lead regulator. ABN, Netherlands‘ largest bank, last week agreed initial merger terms with Barclays.

 

In a statement last Monday it said that it was in “exclusive preliminary discussions with Barclays concerning a potential combination of the two organisations”, which were the result of “careful consideration to create a highly complementary partnership.”

 

Any deal may not be straightforward however, as reports have US giant Citi also eyeing the Dutch bank. Citi did not comment on the speculation, however the rumour mill has long had the US bank seeking a “signature” European acquisition.

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