P.M. BRIEFING : U.S. OKs Deak Sale to Midland
FROM TIMES WIRE SERVICES
WASHINGTON —
The Federal Reserve Board said today it has approved Midland Bank PLC’s acquisition of Deak International Ltd., of New York, to engage in the travelers-check business.
The acquisition by Midland, which is headquartered in London and the 43rd largest banking organization in the world, will be made through its subsidiary, Thomas Cook Inc., of Princeton, N.J.
Midland’s consolidated assets are estimated at $100.6 billion.
In addition to the travelers-check business, Midland will also engage in foreign exchange, precious metal, check cashing, tax refund agent and advisory activities, the Fed said.
