Financial Services Industry
Industry: Email Alert RSS FeedNatWest opts for funds strategy. (UK's National Westminster Bank)
Banker, The, March, 1996
National Westminster Bank has announced that its buyout of fund management group Gartmore worth 472 million pounds sterling is consonant with its strategy of doing away with unprofitable lines and acquiring new potential sources of income. The bank was able to buy Gartmore at a bargain price. The deal was advantageous to both parties as it gave National Westminster the chance to own a respectable fund management firm and Gartmore the security of finally having a real owner.
National Westminster Bank insists that its [pounds]472 million ($727 million) acquisition of UK-based fund management group Gartmore is not directly related to its sudden capital wealth.
Sale of its US subsidiary NatWest Bancorp to Fleet Financial will bring in some $3.56 billion. Chairman Lord...
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