Journey to the frontier

13 October 2003

The latest idea du jour is that Britain s Barclays may be snapped up by an American bank. Banks certainly seem more interested in deals. But it may be jumping the gun to expect a crossborder move.

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Investors believe that crossborder banking consolidation may be back on the menu after three years of retrenchment and domestic focus. Several large European banks have recently expressed interest in buying or merging abroad, triggering speculation that a deal may be imminent.

Barclays of the UK, whose chief executive last month said he felt the bank would be in the first wave of crossborder consolidation, has been linked with a number of US predators or merger partners, including Citigroup, Bank One and Bank of America.

Credit Suisse's chief executive said the bank was interested in making acquisitions in Germany, which prompted suggestions that it might swap its Winterthur insurance subsidiary in exchange for Allianz's Dresdner Bank.

Citigroup has also been linked with deals in Germany. And Royal Bank of Scotland is thought to want to make a large acquisition in the US.

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