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A master of the merger MAN IN THE NEWS FRED GOODWIN: The Royal Bank of Scotland chief is boldly pushing his Asian ambitions, say Andrew Bolger and Paul J Davies
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A master of the merger MAN IN THE NEWS FRED GOODWIN: The Royal Bank of Scotland chief is boldly pushing his Asian ambitions, say Andrew Bolger and Paul J Davies
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A master of the merger MAN IN THE NEWS FRED GOODWIN: The Royal Bank of Scotland chief is boldly pushing his Asian ambitions, say Andrew Bolger and Paul J Davies
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Newspaper Article
A master of the merger MAN IN THE NEWS FRED GOODWIN: The Royal Bank of Scotland chief is boldly pushing his Asian ambitions, say Andrew Bolger and Paul J Davies
2005
Overview
RBS was acutely sensitive during negotiations with Bank of China that investors should not get the impression it cared more about building a global bank than making money for shareholders. Indeed, one analyst noted earlier this month that some investors thought Sir [FRED GOODWIN] cared more about size than value. That could explain why RBS was at pains this week to say it had no plans to increase its 5 per cent stake in BoC, for which it will pay Dollars 1.6bn (Pounds 900m). It has also won unprecedented warranties and protections from Beijing to shield its investment from any sudden deterioration in the finances of the state lender, which is expected to be privatised next year. In private meetings, RBS shareholders had pressed the case for not taking too high a stake or issuing further equity. On Thursday they were pleased Sir Fred had shown himself sensitive to their concerns. One area in which RBS could potentially contribute much to BoC is helping it gain control of its 11,300-plus domestic branches around China. Like other Chinese banks, every branch of BoC is run as a virtually independent entity and central management has struggled to control the periphery and prevent corruption. Sir Fred hopes to kick off projects immediately and says there are various forms of co-operation that the banks can and will get on with. The field of corporate finance could be one of the first because there is noneed for a joint venture, which is not yet technically possible in China. HSBC is in the processof attempting to have the first such joint venture approved by Chinese regulators and Sir Fred said that if HSBC succeeds, it ought to bode well for those that follow.
Publisher
The Financial Times Limited
Subject
