A Raid On The Staid

Bank of Scotland's NatWest bid roils British banking

Rarely in recent memory has an event so excited the City of London as Bank of Scotland's $35 billion raid on National Westminster PLC on Sept. 24. The unwelcome assault on a major if somewhat tarnished London bank by a Scottish player less than half its size has stoked up hope among investors that the long-awaited shakeout in British banking has at last arrived. With other bids rumored, share prices of banks and insurers from Barclays to Abbey National have turned frothy.

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