By Heather Timmons
Published: April 24, 2007, The International Herald Tribune
NEW DELHI: The planned €67 billion takeover of ABN AMRO by Barclays may result in job losses in Europe and the United States, but the combined British-Dutch bank has big growth plans in Asia, the president of Barclays said Tuesday.
The two banks plan to expand in Asia even as they move or eliminate more than 23,000 jobs, many in Europe and the United States, while selling LaSalle Bank, based in Chicago, to Bank of America for $21 billion.
Thousands of jobs are expected to be moved to India. Asia is the "most important area of growth" for the Barclays investment bank, Bob Diamond, Barclays president, said during an interview by telephone.
The fit between the Asian operations of the two banks was a principal reason for the deal, he added.
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