GLOBAL BANK OF THE YEAR: ROYAL BANK OF SCOTLAND
RBS is set to be the biggest beneficiary from the €71bn acquisition of ABN AMRO, the largest ever acquisition in the banking sector. It will be propelled into the top rank of European banks and will also strengthen its presence in Asia. The 70% premium for the Dutch bank was bold, and its forecast benefits of the transaction will not be easy to achieve, but RBS has an exceptionally good track record for integrating its acquisitions, most notably in the case of NatWest. Despite the sale to Bank of America of La Salle, an important US business which RBS had previously hoped to acquire, it believes the projected earnings enhancement for the group will be largely unaffected. RBS will still be boosted by the global wholesale and international retail businesses of ABN AMRO, and it will acquire a sizeable cash pile.
