Chase Manhattan Corp. to purchase J.P. Morgan
Published:
14 December 2000 y., Thursday
The Federal Reserve on Monday approved Chase Manhattan Corp.’s $35.2 billion purchase of investment bank J.P. Morgan, a deal uniting two of Wall Street’s oldest names to create one of the nation’s biggest banking companies. THE VOTE WAS 4-0 by the central bank’s board of governors, who determined that the merger would not threaten competition. The merger, announced in September, is expected to be completed within the first three months of next year.
Approval by the New York State Banking Department is still pending. The U.S. Justice Department and the Federal Trade Commission gave their approval several weeks ago. Chase and J.P. Morgan, both based in New York City, have scheduled votes by their shareholders for Dec. 22. The combined company will be called J.P. Morgan Chase and Co. It will have about $668 billion in assets, rivaling Bank of America Corp., with about $679 billion in assets, as the second-largest bank holding company in the United States. It will trail Citigroup, which had $791 billion in assets as of June 30.
Šaltinis:
ASSOCIATED PRESS
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Mr. Olli Rehn, European Union Commissioner, and Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following joint statement on Greece.
more »
The offering of shares of the new issue will commence on 03-05-2010.
more »
The World Bank today approved a $12 million IDA credit to Bhutan, designed to improve infrastructure services in parts of the capital city of Thimphu where no formal services are currently available.
more »
Fisheries ministers and stakeholders alike will be discussing the future shape of the EU's Common Fisheries Policy at two major events in Spain over the next days. On 2 and 3 May, in La Coruña, the Commission and the Spanish Presidency are organising a large stakeholder conference on the reform of the Common Fisheries Policy.
more »
Asia is leading the global recovery and the region’s contribution to global growth will continue to exceed that of other regions in the next two years, the International Monetary Fund (IMF) said today in its latest Regional Economic Outlook (REO) for Asia and the Pacific.
more »
The EBRD is supporting the modernization of the electricity distribution network and the development of renewable energy sources in Poland with a PLN 800 million loan (equivalent to approximately €205 million) to the Energa energy group in order to help the company strengthen its power grid.
more »
At the beginning of the summer this year, Vilnius will become the capital of the Baltic Sea region. On 1-2 June 2010, the city will host the Baltic Sea States Summit and the Baltic Development Forum (BDF) Summit.
more »
Visitors of the World Expo 2010, which will open in the Chinese city of Shanghai on May 1st under the slogan “Better City, Better Life” and will last for 184 days until the end of October, are kindly invited to get into a hot air balloon at the Lithuanian Pavilion.
more »
According to preliminary data, unaudited net loss sustained over the first quarter of the year 2010 by SEB Bank is LTL 59,4 million (EUR 17,2 million) and that by SEB Bank Group is LTL 80,3 million (EUR 23,3 million).
more »
European Globalisation Adjustment fund (EGF) aid must be delivered faster and more simply to unemployed workers hit by the financial crisis or globalisation, concluded the Budgets and Employment committees after evaluating the fund on Wednesday.
more »