European American Bank has been making waves in the financial industry with its recent acquisitions. The bank has successfully acquired new assets, expanding its reach and offerings.
This strategic move is expected to boost the bank's revenue and competitiveness in the market. The bank's commitment to growth and innovation is evident in its aggressive expansion plans.
The acquisition is a significant milestone for the bank, marking a major step towards achieving its long-term goals. European American Bank is well-positioned to capitalize on the opportunities presented by the acquisition.
The bank's experienced leadership team has played a crucial role in navigating the complex process of acquiring new assets.
Bank Acquisition
Citigroup agreed to buy European American Bank from ABN Amro Holding for $1.6 billion in cash.
The purchase will give Citigroup a boost in its rivalry with J.P. Morgan Chase & Co., which has the largest market share in New York City.
European American Bank has $15.4 billion in assets and $11.5 billion in deposits, with 97 branches in New York City and Long Island.
Citibank, the banking arm of Citigroup, has assets of more than $792 billion.
The acquisition will add "a few cents" to Citigroup's earnings per share in the first year after completion.
The purchase includes the assumption of $350 million in European American Bank preferred stock.
Citigroup plans to close some branches after completing the deal, but branch employees won't lose their jobs.
The acquisition is the latest in a series for Citigroup, following its $2.2 billion purchase of Schroder's investment banking division in London.
Executive News
European American Bank has appointed Betty Ann Tamberg as vice president, middle-market banking. She serves as a relationship manager for businesses in Brooklyn.
Her responsibilities include new business development and management of a $30 million loan portfolio.
Prior to joining the bank, Ms. Tamberg spent five years at Chase Manhattan Bank in various commercial banking roles.
Frequently Asked Questions
What happened to European American Bank?
European American Bank was acquired by Citigroup, marking a significant change in its ownership and operations. The acquisition had a lasting impact on the bank's future and legacy.
Who took over the European American Bank?
Citigroup acquired European American Bank in July 2001 for $1.9 billion. The acquisition was part of Citigroup's expansion strategy in the early 2000s.
What European banks are in USA?
The following European banks have a presence in the USA: Barclays PLC (UK), Credit Suisse Group (Switzerland), Deutsche Bank (Germany), HSBC Holdings (UK), and UBS Group (Switzerland). These international banks offer a range of financial services to US customers.
Can I open a European bank account as an American?
Yes, many US citizens can open a European bank account, but it's often easier to opt for a multi-currency account that allows international spending. Consider providers like Wise for a convenient and widely accepted option.
Sources
- https://country.db.com/usa/company/history/chronicles
- https://www.latimes.com/archives/la-xpm-2001-feb-13-fi-24719-story.html
- https://www.americanbanker.com/news/european-american-bank-names-executive
- https://casetext.com/case/european-am-bank-tr-v-h-frenkel-ltd
- https://www.newtekbank.com/board-of-directors/
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