As U.S. and Western European companies in search of new markets spread their operations across every continent, their craving for capital has drawn the free world's great banks after them. Not content with setting up ordinary foreign branches (U.S. banks alone now operate 244) and buying into existing banks in other countries, Western bankers have lately swung toward the creation of entirely new multinational banks. In one of the most ambitious ventures of its kind yet, five banks from four nations this week will open a jointly owned bank in London's...
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