Headline: Acquisition costs rise as buyers race for quality Source: Euromoney Date: September 2001 Author: Rick Butler Most of the prize assets have been snapped up as bank privatization draws to an end in Europe’s emerging markets. Those banks that remain on offer are getting more pricey. But impending European Union accession for several countries means this is still an appealing market and is driving strategic change among both veteran players and big-spending newcomers.
But what has been less remarked on following the completion of the $1 billion deal is the fact that Citibank’s decision to buy an established franchise in central Europe’s largest market marks a significant change in strategic tack. |