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| Computer Translations Übersetzungen Traductions Traduzioni
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| Date |
31/01/2000 |
| Companies
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SOCIETE GENERALE - BANCO SANTANDER CENTRAL HISPANO - |
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BSCH & SocGen announce developments of their alliance |
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The immediate results of the discussions are that BSCH will increase its shareholding in SocGen from 5% to 7%, whilst SocGen will take an initial stake in BSCH of 3%. The banks say they will concentrate in forming joint ventures on a 50 / 50 basis in the following areas:
Asset Management
Specialised Financial Services
Wholesale & Investment Banking
Retail Banking
Internet Banking & Brokerage.
Under each of the sections they have announced a series of initiatives. Though many are understandably investigations at this stage there were a couple of specifics. BSCH will close certain Asian branches and use SocGen branch office space instead. Fimatex Germany and Santander Direkt Bank in Germany will 'co-operate'. Regarding the Internet the announcement stated that SocGen had more advanced brokerage applications and BSCH more advanced retail applications which could be shared.
Emilio Botˇn, BSCH chairman, talked enthusiastically of making similar deals with Commerzbank and San Paolo-IMI in which the bank also has holdings in. Curiously no mention was made of the Royal Bank of Scotland. BSCH owns 9.9% of RBS and has a long standing relationship with the bank. It is also helping RBS finance the NatWest bid. Yet there was no mention of them joining this European co-operation family.
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