Midland buys into Crocker
Since he became chairman of California's Crocker National Bank six years ago, Thomas Wilcox has been commuting by corporate jet between the bank's two main offices, in San Francisco and Los Angeles. Now Wilcox may have to fit in another stopover, London. Last week Midland Bank, Britain's third biggest, announced it was buying 51% of Crocker at a cost of between $815 million and $820 million. This will be the largest takeover ever of a U.S. bank by a foreign one.
The union will create a bank with assets of $63 billion, only slightly less than those of Chase...
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