"Good" Ideas
May years ago, I decided that the first credit card that I own was kind of boring so I decided to get a second credit card. It was supposed to be with more promotions that were suitable for a go-getter like me. I could go on about the decision but what clinched the deal was that the bank was a small but dynamic, ready to take on the world. The bank was ABN Amro.
People in the banking/finance industry would now be smiling. ABN Amro ran into some difficulties in 2008. ABN Amro credit card business (and a few other business) was acquired by another bank. I remembered getting a letter from the new bank explaining how much financial support it had and how my dealings were in safe hands.
There was a slight problem. It turned out that ABN's businesses were not doing very well and were in fact quite toxic. It was broken up into three pieces and two of the acquirers promptly ran into financial difficulties. While not all the problems of my new bank could be blamed on the ABN acquisition, it certainly did not help matters. A few months after I got the letter from RBS (the new bank), RBS had to be bailed out by the British government.
RBS struggled for a few years and then sold part of its stakes to another bank. My credit card promptly changed to ANZ. This time round, I did not get any letter assuring the safety of my dealings with the new bank. The letter just stated how my dealings (and the rest of the businesses that RBS) sold was in line with their plans.
So why am I dredging up the past? I just got a letter telling me that ANZ intends to sell its business (and potentially my credit card business) to another bank. It is the same bank as my first credit card which I still hold.
People in the banking/finance industry would now be smiling. ABN Amro ran into some difficulties in 2008. ABN Amro credit card business (and a few other business) was acquired by another bank. I remembered getting a letter from the new bank explaining how much financial support it had and how my dealings were in safe hands.
There was a slight problem. It turned out that ABN's businesses were not doing very well and were in fact quite toxic. It was broken up into three pieces and two of the acquirers promptly ran into financial difficulties. While not all the problems of my new bank could be blamed on the ABN acquisition, it certainly did not help matters. A few months after I got the letter from RBS (the new bank), RBS had to be bailed out by the British government.
RBS struggled for a few years and then sold part of its stakes to another bank. My credit card promptly changed to ANZ. This time round, I did not get any letter assuring the safety of my dealings with the new bank. The letter just stated how my dealings (and the rest of the businesses that RBS) sold was in line with their plans.
So why am I dredging up the past? I just got a letter telling me that ANZ intends to sell its business (and potentially my credit card business) to another bank. It is the same bank as my first credit card which I still hold.
Comments
Post a Comment