The Eurokeiretsu

The Eurokeiretsu

Austrian Keiretsu

Note that Germany's HVB is merging with Bank Austria, forming a Eurobank with assets of 430 billion EUR.

Financial Firm	Assets (EUR bill)	State	Bank of Austria Group	BTV	BKS	Wuestenrot	Other
Bank of Austria	127	22.7				1.67	Westdeutsche LB 7.88, Wiener Staedtkonzern 5.07, Unicredito 3.18, Wiener Holding 1.83
Erste Bank	55.4	43.37					FoereningsSparbanken 1.7
Wuestenrot (German)	34.6		28.98
Austrian Kontrollbank	20.2		40.89
Oberbank	7.91		31.6	17.13	17.17	4.62
Bank of Tirol-Vorarlberg (BTV)	4.25		41.72		11.28	2.68	Generali 13.58, BKS 11.28, Oberbank 10.91
Bank of Kaernten-Steiermark (BKS)	3.02		29.15	18.57		2.85	Oberbank 18.47, Generali 7.44
Bank Burgenland	2.36		40.34			7	Landeshypothekenbank Holding 50.63
Vereinigte Pensionskasse	0.654		30.12				Erste Bank 25.1
Wiener Staedt. Allg Versicherung			8

Firm	Revenue (EUR bill)	Bank of Austria Group	Other
OMV	5.18		State 35
VA Tech	3.45		State 24, Voest-Alpine 19.05
Voest-Alpine	1.98		State 38.8, VA Tech 19.9
Austrian Airlines	1.38		State 39, SwissAir 10, Air France 1.5
Wienerberger Gruppe	1.2	100
EVN	0.902		State 51
Universale-Konzern	0.523	100
Lenzing	0.815	100
iT-Austria	0.208	100
Wiener Betriebs- und Bau Ges.		100

French-Benelux Keiretsu

The Benelux-French region continues to consolidate at record pace. Axa has continued its acquisition string, and Renault has returned Nissan to solid profitability in record time. Usinor, Arbed and Aceralia are merging to form European steel giant Newco, at a shareholding ratio of Usinor 56.5%, Arbed 23.4% and Aceralia 20.1%. Revenue data is from 2000, asset data is being updated to 2000 (99 in black, 00 in red).

Financial Firm	Assets (EUR bill)	Major Shareholders
BNP Paribas	694	Axa 8.8
ING	493	Aegon 5
ABN Amro	614	Aegon 16.3, Zonnewijser 11.24, Commercial Union PLC 10.72, Rabobank 10.12, Amev 10.06, ING 9.08
Eulia	534	State-owned
Societe Generale	502	Axa 6, BSCH 5.05, Allianz 3
Axa	487	90% self-owned
Credit Agricole	415	Regional banks of France 90, ESOP 9.6
Fortis	406	Suez Lyonnais des Eaux 21.98, Asphale 5.03, Asahi 3.6, Swiss Re 2.11, la Caixa 1.50, Mutuelle Solvay 1.46
Rabobank	265	Coop-owned
Credit Lyonnais	222	Credit Agricole 10, Gov't 10, ESOP 5, Commerzbank 4, BBV 3.75
Aegon	150	ING 5.31
Stad Rotterdam Insurance	9.8	(no information)
De National Invstmt Bank	13.2	State of Netherlands 50.3, ING 20, Stad Rotterdam Insur 5.4, Fortis Amev 5.3, Reaal Group 5

Industrial Firm (Dutch)	Revenue (EUR bill)	ING	Aegon	State of the Netherlands	Other
Akzo Nobel	14.0	6	5.31
DSM	8.1			31.3
KLM	6.3
Wolters Kluwer	3.1	8
Stork	2.6		6.54
ASML	2.2				Philips 23.9


Zone	Industrial Firm	Revenue (EUR bill)	State	Axa	BNP	Credit Agricole	Societe Generale	Other
Fr-Be	TotalFinaElf	114.6
Fr	Renault-Nissan	89.7	44.22		1.31			ESOP 3.24, Lagardere 1.5, Banque Cantonale Vaudoise 0.6, UBS 0.6
Fr	Peugeot	44.2			<5			Michelin 3.5
Fr-Be	Vivendi	41.8	6.24	1.67	1.9			Alcatel 3.22, Allianz 0.7
Fr	Suez Lyonnaise des Eaux	34.6		2.1		6.1		Electrafina 10.7, CDC 3.1, Cogema 3.1, Fortis 2.2
Fr	France Telecom	33.7	63.6					ESOP 3.6, Deutsche Telekom 2
Fr	Alcatel	31.4
Fr	St. Gobain	28.8		4.9	6			Vivendi 9.9, ESOP 3.5
Fr	EDF	28.2	100
Fr-Ger	Aventis	22.3			<5
Fr	Michelin	15.4
Fr	Bouyges				<8.3	3.2
Fr	Danone	14.3	3.4	2.04				IFIL 5.8, Eurafrance 5.7
Fr	Lagardere	12.2			<5
Lux	Arbed	13.2	29.73					Vivendi 9.36, Suez Lyonnaise des Eaux 9.4, B Gen de Lux 3.68
Fr	Thomson Multimedia	9.1	100
Fr	Thales	8.6	33					Alcatel 25.29, Dassault 5.81
Fr-It	STMicroelectronics	8.5	13.7 CEA, 17.225 Comitato SIR, 17.225 IRI					13.7 France Telecom
Fr	L'Air Liquide	8.1
Be	GIB	4.0			19.3
Be	Union Miniere	3.8						Suez Lyonnaise des Eaux 25.2

German Keiretsu

The German keiretsu are characterized by strong interbank linkages, especially on the local and regional level; they're less autarkic than the Japanese keiretsu and are generally not associated with any central trading house, but are developing extensive intra-EU links. Interestingly, Allianz is taking over Dresdner, thus becoming a full-fledged bancassurance firm and a genuine rival to Deutsche Bank. Data: black 99, red 00.

Financial Firm Assets (EUR bill) Major Shareholders

Deutsche Bank 988 Allianz 5

Dresdner Bank 388 Allianz 17

Westdeutsche Landesbank 371 State-owned (Nordrhein-Westfalen 43.2, rheinischer Sparkassen- und Giroverband 16.7, Westfaelisch-Lippischer Sparkassen- und Giroverband 16.7, Landschaftsverband Westfalen-Lippe 11.7, Landschaftsverband Rheinland 11.7)

Allianz 343 Mue-Re 25, Bayerische Vereins/Hypobank 15, Deutsche Bank 17, Generali 5

Commerzbank 330 BSCH 5, Generali 5

HypoVereinsbank (HVB) 303 Allianz 13.3, Muenchen-Rueckversicherung (Mue-Re) 3.4

Bayerische Landesbank 249 Bayerischer Sparkassen & Giroverband 50, State of Bavaria 50

Landesbank Baden-Wurttemberg 237 State of Ba-Wu 39.5, 80 savings banks of Ba-Wu 39.5, City of Stuttgart 21.0

Bankgesellschaft Berlin 201 Land Berlin 56.8, Norddeutsche LB 15

Norddeutsche Landesbank 155 State of Niedersachsen 40, Niedersachsen Savings & Giro Assoc 26.66, State of Sachsen-Anhalt 10, State of Meckl-Pomm 10, Svgs Bk Assoc of Sachsen-Anhalt 6.66, Svgs Bk Assoc of Mecklenburg-Pomm 6.66

Schleswig-Holstein LB 105 Westdeutsche LB 31.1, LB Ba-Wu 10

Muenchen-Rueckversicherung 81 Bayerische Vereins/Hypobank 5, Generali 4.9

Landesbank Rheinland-Pfalz 55.5 Sparkassen- und Giroverband Rheinland-Pfalz 50, Westdeutsche LB 31.5, LB Ba-Wu 12.5

IKB 52.8 Allianz 12, BHF 10, Mue-Re 5

BHF Bank 48.2 Allianz 15.17, Mue-Re 5

Nuernberger Beteilig. n/a Deutsche Bank 25.95, Mue-Re 5

Sachsen Landesbank n/a LB Ba-Wu 25.1

Industrial Firm Revenue
(EUR bill) Dresdner Deutsche Bank Westdeutsche Landesbank Allianz Other

DaimlerChrysler 150 12 1.1

Volkswagen 75.2 State of Sachsen 20

Siemens 68.6 3.4 ESOP 10, Siemens family 6

E.ON 49.0 9.6 State of Bavaria 5.48

RWE 47.9 11.2

Deutsche Telekom 40.9 Federal State 43

BMW 34.4 5 Quandt family 47

Thyssen-Krupp 32.2 5.3

Bayer 28.1 5

BASF 27.6 10.4

Deutsche Post 21 Gov't 100, will sell 35% shares in future

Preussag 16.5 33

Karstadt-Quelle 14.8 9.4

MAN 13.3 12.9 Commerzbank 6.5, Mue-Rue 6.5

Metallgesellschaft 7.4 11.8 11.3 4 Daimler 2.2

Degussa-Huels 12.4 9.9 VEBA 36.4

Continental 6.74 6.4 8.4 4.2

Heidelberger Zement 6.39 20.9 10

Linde 6.19 10.01 11

VEW 5.1 VIAG 11.3

Philip Holzmann 5.0 20.9

Fresenius 4.95 6.2 10

Bilfinger+Berger 4.59 25.1

Suedzucker 4.5 12.9

Schering 3.67 11.1

Beiersdorf 3.64 38.4

Kloeckner 2.17

Schmalbach-Lubeca 2.05 10 VIAG 10

Dyckerhoff 2.19 10

Deutz 1.26 Volvo 10

Buderus 1.75 12.6

Phoenix 0.858 10.1

Salamander 0.798 10.69 EnBW 19.15

Fuchs Petrolub Oel+Chemie 0.789 5.4 7.7

Herlitz Falkenhoeh 0.735 10

WMF 0.573 9.6

Triumph-Adler 0.560 19

Leonische Drahtwerke 0.498 6.3

Vossloh 0.441 8.2

Schuh-Union 36.4

Bremer Wollkaemmerei 0.406 14.7

Leifheit 0.253 11 10.1

Verseidag AG 0.250 10

Hutschenreuther 0.152 25.09

Oppermann Versand 0.113 17.1

Iberian Keiretsu

Though Spain and Portugal are very much a semi-periphery of the Eurostate in terms of industrial structures, they've developed strong financial linkages with the Eurocore, most notably in the form of a strategic partnership between BSCH, Societe Generale, Commerzbank, SanPaolo-IMI, Royal Bank of Scotland (BSCH owns 9.64% of RBS) and, latest of all, Italy's flagship insurer Generali. Together, these groups make up around 1.7 trillion EUR of assets and make up the third major Eurokeiretsu (the others being the Deutsche Bank-Allianz and BNP-Axa groups). The group helped financed RBS' successful takeover of National Westminster, and further acquisitions are likely on the way.

Financial Firm	Assets (EUR bill)	Major Shareholders
Banco Santander-Central Hispano (BSCH)	251	Societe Generale 3, Royal Bank Scotland 3, Sanpaolo-IMI 2.8, Commerzbank 2.7, Generali 2.1
Banco Bilbao Vizcaya Argentaria (BBVA)	216	Telefonica 3, Axa 1.29
Caja de Ahorros & Pens. de Barcelona	70.9
Caja Ahorros y MP de Madrid	47.5
Banco Popular Espanol	25.6

Firm	Revenue (EUR bill)	BSCH	BBVA	Other Shareholders
Repsol	25.6		9.4	State 29.4, La Caixa 10
Telefonica	23.0		10	Caja de Ahorros y Pension de Barcelona 5.01
Endesa	13.1		3	La Caixa 5
CEPSA	8.14	19.95
Iberdrola	6.25		TBA
Dragodos	3.58	20.2
Portugal Telecom	3.22			Telefonica 3.75
Union Electrica Fenosa	3.08	10.03
Acerinox	1.43		TBA
Sogecable	0.767		3.9
Vallehermoso	0.331	26.16
Bodegas y Bebidas	0.209		25
Metrovacesa	0.198		17.2
Amper	0.183			Telefonica 12.21
Radiotronica	0.177	3.51
Aguas de Valencia	0.061	21.42
Zeltia	0.048	4.94
Acesa	n/a		5.2

Italian Keiretsu

After a rough patch in the mid-1990s, the Italian banking sector has been reborn into a formidable global force thanks to mergers and some fancy footwork by Mediobanca, Sanpaolo-IMI and Generali. Due to its industrial specialization in medium-tech consumer goods, machine-tools and equipment, Italy stands to benefit enormously from the impending boom in Eastern Europe. Generali in particular looks set to become the linchpin of a new Eurokeiretsu (see Iberia above).

Financial Firm	Assets (EUR bill)	Major Shareholders
Banca Intesa	283	Generali 4.34
Sanpaolo-IMI	169	Compagnia di San Paolo 16.16, BSCH 7.01, Monte dei Paschi di Siena 5, IFI/IFIL 5
Unicredito	156	Member banks 35.967, Allianz 2.941, Spafid 2.37, Deutsche Bank 0.72
Generali	182
Banca di Roma	111
Banca Nazionale del Lavoro	92.3	BBVA 10, Banca Popolare Vicentina 7.75, Inst Nazionale delle Assicur 7.25
Banca Monte dei Paschi di Siena	87.0
Mediobanca	n/a	Banca Intesa 8.92, Unicredito 8.81, Allianz 2.0, Olivetti 1.6

Firm	revenue (EUR bill)	Major Shareholders
Fiat	45.8	Agnelli family 16.63
ENI	28.9	State of Italy 36.3
Olivetti	26
ENEL	19.5	State of Italy 70
Montedison	12.8	Compart 32.9, Mediobanca 3.3
Compart	12.1	Sanpaolo-IMI 6.98
IFIL	5.94	Agnelli family 31.62
Finmeccanica	5.87	IRI 63.4, San Paolo 6.54, Comit 3.66, BNL 3.37
Pirelli	5.49	BZ Gruppe 10.9, Allianz 5.4
Alitalia	4.69	IRI 50+

Scandinavian Keiretsu

After a brief and unhappy infatuation with Thatcherism in the early Nineties, Scandinavia has risen from the ashes by re-regulating its markets and investing heavily in high-tech and telecoms. Where some countries (like Britain) refused to join the euro because the EU was too socialist, Norway, Sweden and Denmark have all refused to join because it isn't socialist enough. But now that the EU is shifting hard to the Left, you can expect all three countries to join the currency union in 2001 or 2002. Among the pioneers of globalization, Scandinavian firms continue to flourish thanks to an efficient developmental state and extensive state-bank-industry linkages.

Financial Firm Assets Major Shareholders

Svenksa Handelsbanken 104 Industrivarden 6.6

MeritaNordbanken 102 Gov't Sweden 25.5, SPP 2.3, Skandia 1, also minor stake by Finnish Gov't

FoereningsSparbanken
(Swedbank) 81.2 Svgs Bk foundations 18.6, indep svgs bks 5.9, 4th Nat'l Pension Fund 4.2, SPP 3.6, farmer's coops 3.5, SPK 2.6

Skandinaviska Enskilda Banken 77.8 Wallenberg Foundt 10.1, Trygg-Fdtn 9.7, Investor AB 8.6, SPP 3.7, SEB 3.1, Nordbanken 2.0, Skandia 1.9

Den Danske Bank 84.4

Unidanmark 63.7

Den Norske Bank 37.3 State of Norway 52

Bikuben Giro 25.1

Christiana Bank 22.3 State of Norway 35

Investor AB

Industrial Firm Revenue (EUR bill) Industrivarden AB Svenska Handelsbanken Other Shareholders

Ericsson 21.7 26.4 10.4 Investor AB 22.2, Wallenberg family 16.5, Skandia 5, Wallanders + Hedeliusstiftelse 2.4, SEB-stiftelse 1.7, Oktogonenstiftelse 1.6

Volvo 14.5 5.2 FoereningsSparbanken 11.2, 4th Nat'l Pen Fd 8.6, SPP 4.8, AMF 4.7, Skandia 4.7, Nordbanken 3.6, SEB 2.9

Electrolux 13.9

Statoil 12.9 State of Norway 100

Norsk Hydro 11.1 State of Norway 100

Skanska 9.2 29.9 5.6 IKEA 10.1, FoereningsSparbanken 7.8, 4th Nat'l Swed Pension Fund 4.3, MeritaNordbanken 2, AMF 1.7, SEB 1.6, Skandia 1.3

SCA 7.21 24

Scania 5.49 VW 35.3, Volvo 15.3, Investor AB 15.3
Sandvik 4.57 11.7 7.7 Robur Invst 15.2, 4th Nat'l Swed Pension Fund 9.8, SPP Insur 4.5, SEB Invst 3, 5th Nat'l Swed pension Fund 2.5, AMF 2.4, Skandia 2.2

SKF 4.4 0.6 Investor AB 32.1, Skanska 20, SPP 4.7, MeritaNordbanken 4.3, 4th Nat'l Swed Pension Fund 4.1, Skandia 1.9, AMF 1.8, Stiftelsen foer Kunskaps- och Kompetensutveckling 1.1, Wallenberg 1.1

Atlas Copco 3.97 3.1 Investor AB 21.4, FoereningsSparbanken 15, 4th Nat'l Swed Pension Fund 4.5, SEB Trygg 2.9, SPP 2.6, Skandia 1.8, 5th Nat'l Swed Pension Fund 1.8

Orkla 3.51

Danisco 2.58 ATP 14.9, LD 5, ESOP 0.8

Aker 2.24

SSAB 2.1 13.5

AGA 1.78 20.2 Swed Gov't 8.4

Esselte 1.59

Sophus Berendsen 1.02 ATP above 5, PKA above 5

Swiss Keiretsu

Financial Firm	Assets (EUR bill)	Major Shareholders
UBS	624	BZ Gruppe 2.7
Credit Suisse	431	BZ Gruppe 8.7
Swiss Life	72.8
Schweizer Verband der Raffeisenbanken
Zuercher Kantonalbank	40.9
Baloise Holding	27.1	Hanover Nom. 2.7, UBS 2.7, Aegon 2.6, ESOP 2.4
Banque Cantonale Vaudoise	21.9
Banque Cantonale de Geneve	12.8
Berner Kantonalbank	11.5
St. Gallische Kantonalbank	11.3
Migrosbank	11.1
Luzerner Kantonalbank	10.8
Thurgauer Kantonalbank	8.65
Basellandschaftliche Kantonalbank	8.14
National Versicherung	1.28	UBS 28.5

Firm	Revenue (EUR bill)	Major Shareholders
Novartis	19.6	Sandoz Foundation 4.2
Roche	15.3	Oeri-Hoffman and Hoffman families 50.1% bearer shares, Novartis 3.7 (20% voting rights)
Alusuisse-Lonza	5.95	BZ Gruppe 23.2
Clariant	5.90	Hoechst 45
Sulzer	3.64
Oerlikon-Buehrle	2.25	Buehrle fam. 37
Motor-Columbus	1.13	UBS 36.4, RWE 20
Watt	n/a	Nordschweizerische Kraftwerke 42.5, Credit Suisse 15, VIAG 10.625, EVS 5.05, EnBW 5.05

Industrial Firm	Revenue (EUR bill)	Dresdner	Deutsche Bank	Westdeutsche Landesbank	Allianz	Other
DaimlerChrysler	150		12		1.1
Volkswagen	75.2					State of Sachsen 20
Siemens	68.6				3.4	ESOP 10, Siemens family 6
E.ON	49.0				9.6	State of Bavaria 5.48
RWE	47.9				11.2
Deutsche Telekom	40.9					Federal State 43
BMW	34.4	5				Quandt family 47
Thyssen-Krupp	32.2				5.3
Bayer	28.1				5
BASF	27.6				10.4
Deutsche Post	21					Gov't 100, will sell 35% shares in future
Preussag	16.5			33
Karstadt-Quelle	14.8				9.4
MAN	13.3				12.9	Commerzbank 6.5, Mue-Rue 6.5
Metallgesellschaft	7.4	11.8	11.3		4	Daimler 2.2
Degussa-Huels	12.4	9.9				VEBA 36.4
Continental	6.74	6.4	8.4		4.2
Heidelberger Zement	6.39	20.9	10
Linde	6.19		10.01		11
VEW	5.1					VIAG 11.3
Philip Holzmann	5.0		20.9
Fresenius	4.95	6.2		10
Bilfinger+Berger	4.59	25.1
Suedzucker	4.5		12.9
Schering	3.67				11.1
Beiersdorf	3.64				38.4
Kloeckner	2.17
Schmalbach-Lubeca	2.05		10			VIAG 10
Dyckerhoff	2.19	10
Deutz	1.26					Volvo 10
Buderus	1.75	12.6
Phoenix	0.858		10.1
Salamander	0.798		10.69			EnBW 19.15
Fuchs Petrolub Oel+Chemie	0.789	5.4	7.7
Herlitz Falkenhoeh	0.735	10
WMF	0.573		9.6
Triumph-Adler	0.560			19
Leonische Drahtwerke	0.498		6.3
Vossloh	0.441		8.2
Schuh-Union				36.4
Bremer Wollkaemmerei	0.406	14.7
Leifheit	0.253	11			10.1
Verseidag AG	0.250		10
Hutschenreuther	0.152		25.09
Oppermann Versand	0.113	17.1

Financial Firm	Assets	Major Shareholders
Svenksa Handelsbanken	104	Industrivarden 6.6
MeritaNordbanken	102	Gov't Sweden 25.5, SPP 2.3, Skandia 1, also minor stake by Finnish Gov't
FoereningsSparbanken (Swedbank)	81.2	Svgs Bk foundations 18.6, indep svgs bks 5.9, 4th Nat'l Pension Fund 4.2, SPP 3.6, farmer's coops 3.5, SPK 2.6
Skandinaviska Enskilda Banken	77.8	Wallenberg Foundt 10.1, Trygg-Fdtn 9.7, Investor AB 8.6, SPP 3.7, SEB 3.1, Nordbanken 2.0, Skandia 1.9
Den Danske Bank	84.4
Unidanmark	63.7
Den Norske Bank	37.3	State of Norway 52
Bikuben Giro	25.1
Christiana Bank	22.3	State of Norway 35
Investor AB

Industrial Firm	Revenue (EUR bill)	Industrivarden AB	Svenska Handelsbanken	Other Shareholders
Ericsson	21.7	26.4	10.4	Investor AB 22.2, Wallenberg family 16.5, Skandia 5, Wallanders + Hedeliusstiftelse 2.4, SEB-stiftelse 1.7, Oktogonenstiftelse 1.6
Volvo	14.5		5.2	FoereningsSparbanken 11.2, 4th Nat'l Pen Fd 8.6, SPP 4.8, AMF 4.7, Skandia 4.7, Nordbanken 3.6, SEB 2.9
Electrolux	13.9
Statoil	12.9			State of Norway 100
Norsk Hydro	11.1			State of Norway 100
Skanska	9.2	29.9	5.6	IKEA 10.1, FoereningsSparbanken 7.8, 4th Nat'l Swed Pension Fund 4.3, MeritaNordbanken 2, AMF 1.7, SEB 1.6, Skandia 1.3
SCA	7.21	24
Scania	5.49			VW 35.3, Volvo 15.3, Investor AB 15.3
Sandvik	4.57	11.7	7.7	Robur Invst 15.2, 4th Nat'l Swed Pension Fund 9.8, SPP Insur 4.5, SEB Invst 3, 5th Nat'l Swed pension Fund 2.5, AMF 2.4, Skandia 2.2
SKF	4.4		0.6	Investor AB 32.1, Skanska 20, SPP 4.7, MeritaNordbanken 4.3, 4th Nat'l Swed Pension Fund 4.1, Skandia 1.9, AMF 1.8, Stiftelsen foer Kunskaps- och Kompetensutveckling 1.1, Wallenberg 1.1
Atlas Copco	3.97		3.1	Investor AB 21.4, FoereningsSparbanken 15, 4th Nat'l Swed Pension Fund 4.5, SEB Trygg 2.9, SPP 2.6, Skandia 1.8, 5th Nat'l Swed Pension Fund 1.8
Orkla	3.51
Danisco	2.58			ATP 14.9, LD 5, ESOP 0.8
Aker	2.24
SSAB	2.1	13.5
AGA	1.78	20.2		Swed Gov't 8.4
Esselte	1.59
Sophus Berendsen	1.02			ATP above 5, PKA above 5