Nomura, has reached an agreement to acquire the European and Middle Eastern equities and investment banking operations of Lehman Brothers.
The acquisition will provide Nomura with a market leading equities and investment banking platform in the region and further enhance Nomura's strategy of connecting Asia and Europe. The deal follows Nomura's agreement yesterday to acquire Lehman Brothers' entire franchise in the Asia Pacific region including Japan and Australia.
Lehman's equities and investment banking businesses in Europe and the Middle East employed around 2500 staff, of whom a significant proportion are expected to be retained.
The deal does not include any trading assets or trading liabilities and Nomura will pay an undisclosed sum for the businesses.
Kenichi Watanabe, Nomura's CEO, said: "In the past 24 hours Nomura has executed two transformational deals. This transaction will significantly extend our European footprint and international reach, enabling us to realise our strategy of delivering Asia to the world. Our immediate priority is to get the equity and investment banking divisions back in business operating under the Nomura name."
Showing posts with label banking M and A. Show all posts
Showing posts with label banking M and A. Show all posts
Tuesday, 23 September 2008
Monday, 15 September 2008
Bank of America Spin on Merrill Lynch Purchase
Bank of America Corporation today announced it has agreed to acquire Merrill Lynch & Co., Inc. in a $50 billion all-stock transaction that creates a company unrivalled in its breadth of financial services and global reach.
"Acquiring one of the premier wealth management, capital markets, and advisory companies is a great opportunity for our shareholders," Bank of America Chairman and Chief Executive Officer Ken Lewis said. "Together, our companies are more valuable because of the synergies in our businesses."
"Merrill Lynch is a great global franchise and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms," said John Thain, chairman and CEO of Merrill Lynch.
Under terms of the transaction, Bank of America would exchange .8595 shares of Bank of America common stock for each Merrill Lynch common share. The price is 1.8 times stated tangible book value. Bank of America expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012. The acquisition is expected to be accretive to earnings by 2010.
The transaction is expected to close in the first quarter of 2009. It has been approved by directors of both companies and is subject to shareholder votes at both companies and standard regulatory approvals
.
Under the agreement, three directors of Merrill Lynch will join the Bank of America Board of Directors. The combined company would have leadership positions in retail brokerage and wealth management. By adding Merrill Lynch's more than 16,000 financial advisers, Bank of America would have the largest brokerage in the world with more than 20,000 advisers and $2.5 trillion in client assets.
The combination brings global scale in investment management, including an approximately 50 percent ownership in BlackRock, which has $1.4 trillion in assets under management. Bank of America has $589 billion in assets under management. Adding Merrill Lynch both enhances current strengths at Bank of America and creates new ones, particularly outside of the United States. Merrill Lynch adds strengths in global debt underwriting, global equities and global merger and acquisition advice.
After the acquisition, Bank of America would be the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions based on pro forma first half of 2008 results. Bank of America was advised by J.C. Flowers & Co. LLC, Fox-Pitt Kelton Cochran Caronia Waller and Bank of America Securities. It was represented by Wachtell, Lipton, Rosen & Katz. Merrill Lynch was represented by Shearman & Sterling.
"Acquiring one of the premier wealth management, capital markets, and advisory companies is a great opportunity for our shareholders," Bank of America Chairman and Chief Executive Officer Ken Lewis said. "Together, our companies are more valuable because of the synergies in our businesses."
"Merrill Lynch is a great global franchise and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms," said John Thain, chairman and CEO of Merrill Lynch.
Under terms of the transaction, Bank of America would exchange .8595 shares of Bank of America common stock for each Merrill Lynch common share. The price is 1.8 times stated tangible book value. Bank of America expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012. The acquisition is expected to be accretive to earnings by 2010.
The transaction is expected to close in the first quarter of 2009. It has been approved by directors of both companies and is subject to shareholder votes at both companies and standard regulatory approvals
.
Under the agreement, three directors of Merrill Lynch will join the Bank of America Board of Directors. The combined company would have leadership positions in retail brokerage and wealth management. By adding Merrill Lynch's more than 16,000 financial advisers, Bank of America would have the largest brokerage in the world with more than 20,000 advisers and $2.5 trillion in client assets.
The combination brings global scale in investment management, including an approximately 50 percent ownership in BlackRock, which has $1.4 trillion in assets under management. Bank of America has $589 billion in assets under management. Adding Merrill Lynch both enhances current strengths at Bank of America and creates new ones, particularly outside of the United States. Merrill Lynch adds strengths in global debt underwriting, global equities and global merger and acquisition advice.
After the acquisition, Bank of America would be the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions based on pro forma first half of 2008 results. Bank of America was advised by J.C. Flowers & Co. LLC, Fox-Pitt Kelton Cochran Caronia Waller and Bank of America Securities. It was represented by Wachtell, Lipton, Rosen & Katz. Merrill Lynch was represented by Shearman & Sterling.
Saturday, 6 September 2008
Zions Acquires Nevada State Bank
Zions Bancorporation (NASDAQ:ZION) subsidiary, Nevada State Bank has acquired the insured deposits of failed Henderson, Nevada-based Silver State Bank. The State of Nevada, Financial Institutions Division found that Silver State Bank was unable to meet the demands of its depositors in the ordinary course of its business. The transaction includes insured deposits of more than $800 million. All former branches of Silver State Bank will open Monday morning as branches of either Nevada State Bank or National Bank of Arizona, subsidiaries of Zions. Silver State Bank operated 13 full service branches in southern Nevada, which will become part of Nevada State Bank, and four full service branches in the Phoenix/Scottsdale, Arizona area, which will become part of National Bank of Arizona. The FDIC will retain most of Silver State's loan portfolio.
"We want to assure depositors of Silver State Bank that their insured deposits are safe and will be accessible when the branches open for business as usual Monday morning as Nevada State Bank and National Bank of Arizona," said Harris Simmons, chairman and CEO of Zions Bancorporation. "We look forward to welcoming former customers of Silver State Bank and earning their business and trust. We are committed to operating locally managed banks with a strong focus on service to our customers and the communities in which we do business."
Simmons added, "This acquisition is consistent with Zions' strategy to use our strong balance sheet to take advantage of opportunities in the current economic environment."
"We want to assure depositors of Silver State Bank that their insured deposits are safe and will be accessible when the branches open for business as usual Monday morning as Nevada State Bank and National Bank of Arizona," said Harris Simmons, chairman and CEO of Zions Bancorporation. "We look forward to welcoming former customers of Silver State Bank and earning their business and trust. We are committed to operating locally managed banks with a strong focus on service to our customers and the communities in which we do business."
Simmons added, "This acquisition is consistent with Zions' strategy to use our strong balance sheet to take advantage of opportunities in the current economic environment."
Friday, 5 September 2008
Mercantile Complete Missouri Banking Mergers
Mercantile Bancorp, Inc. (AMEX: MBR) announced today it has received regulatory approval to combine its two Missouri-chartered banks, Perry State Bank, with HNB National Bank, a wholly owned subsidiary of HNB Financial Services, Inc., all entities wholly owned by Mercantile. As of this date, Perry State Bank's five facilities are now HNB National Bank locations. Remaining operational and other necessary changes will continue to take place over the weekend and new HNB signage will be installed in the coming weeks.
In 2007, Mercantile announced its intent to seek approval to consolidate Perry State Bank under the HNB National Bank name. The combined operations will account for more than $350 million in assets with ten full-service locations, serving the Missouri communities of Hannibal, Palmyra, Monroe City, Perry, Bowling Green, Troy and Wentzville. Ronald B. Verdier remains president and CEO of HNB National Bank and Glen A. Bailey, formerly president of Perry State, is now HNB National Bank's regional president.
"We have been anticipating and carefully planning for this unification to ensure the transition is as seamless as possible," explained Ted T. Awerkamp, President and CEO of Mercantile Bancorp. "Employees and management at both Perry State and HNB are enthusiastic and have done an outstanding job working together to coordinate their efforts. Customers of both banks have been very positive, understanding they will continue to receive the same excellent customer care and dealing with the same bankers. Both of these banks perform and serve their communities well, and as one bank will become the preeminent banking franchise in northeast Missouri."
Awerkamp noted the holding company expects the consolidation to generate operational efficiencies and regulatory and compliance expense savings.
In 2007, Mercantile announced its intent to seek approval to consolidate Perry State Bank under the HNB National Bank name. The combined operations will account for more than $350 million in assets with ten full-service locations, serving the Missouri communities of Hannibal, Palmyra, Monroe City, Perry, Bowling Green, Troy and Wentzville. Ronald B. Verdier remains president and CEO of HNB National Bank and Glen A. Bailey, formerly president of Perry State, is now HNB National Bank's regional president.
"We have been anticipating and carefully planning for this unification to ensure the transition is as seamless as possible," explained Ted T. Awerkamp, President and CEO of Mercantile Bancorp. "Employees and management at both Perry State and HNB are enthusiastic and have done an outstanding job working together to coordinate their efforts. Customers of both banks have been very positive, understanding they will continue to receive the same excellent customer care and dealing with the same bankers. Both of these banks perform and serve their communities well, and as one bank will become the preeminent banking franchise in northeast Missouri."
Awerkamp noted the holding company expects the consolidation to generate operational efficiencies and regulatory and compliance expense savings.
Wednesday, 3 September 2008
HighlineFI
FlexAccess: The Most Accurate Data, Your Way
HighlineFI provides comprehensive financial data and analytic solutions that can be tailored exactly to meet a company's specific needs. FlexAccess powers the most timely and comprehensive always-on data solution in the industry. Each HighlineFI subscription includes: 24-7-365 access; modularized pricing to best fit any budget and set of data requirements; flexible subscriptions starting at one year; highly customizable data sets; and, free support and training via telephone and e-mail.
Cross-Entity Peer Grouping and Analysis
HighlineFI features powerful functionality that enables direct comparisons of financial entities of different types, all in a single, easy-to-use interface. Whether an organization's market landscape includes banks, S&Ls, credit unions, holding companies or all four, HighlineFI allows you to build meaningful and actionable comparisons across all entity types. Utilizing thousands of balance-sheet line items from 10 years of regulatory data, customers are able to drill down to precisely the comparison that their business objectives require.
Virtual Regulatory Data for Non-Filing Companies
HighlineFI fills in the traditional gaps in regulatory banking data with an innovative solution. Through a detailed analysis and summation of the subsidiary data that is available for all companies, customers can access financial data for companies that are not required to file actual regulatory data. In this way, HighlineFI enables easy access to, and comparative analysis of, foreign companies, S&L holding companies, and other non-filers, potentially saving weeks of an analyst's work to achieve the same results.
Publicly Traded Bank Data
HighlineFI is the most comprehensive, timely and accurate source for PTB data, including financial statements, SEC documents, news articles, earnings estimates, market data and more for over 1400 companies, dating back 10 years. Manually updated daily by Highline Financial's professional analysts, new information is culled from a variety of sources and available for on-demand access.
M&A Analysis
HighlineFI is the complete solution for consultants, financial institutions, investment bankers, and government agencies to monitor, assess, target, and execute a wide range of merger and acquisition activity. In addition to a vast M&A database (dating back to 1993) and online M&A tracking and reporting, HighlineFI's M&A capabilities include state-of-the-art mapping software, as well as demographic and product demand data to enable detailed scenario analysis based on real-time market conditions and product usage.
Excel(R) Interoperability
HighlineXL, HighlineFI's Microsoft Excel Add-in, is included with every subscription to enable access to the advanced customized modeling and presentation capabilities that Excel offers. HighlineXL automatically empowers users with up-to-the-minute live data updates, to keep customers' analyses as current as the data is available. The add-in gives you the ability to easily incorporate data from multiple entities into one spreadsheet, via a point-and-click, wizard-based interface.
HighlineFI provides comprehensive financial data and analytic solutions that can be tailored exactly to meet a company's specific needs. FlexAccess powers the most timely and comprehensive always-on data solution in the industry. Each HighlineFI subscription includes: 24-7-365 access; modularized pricing to best fit any budget and set of data requirements; flexible subscriptions starting at one year; highly customizable data sets; and, free support and training via telephone and e-mail.
Cross-Entity Peer Grouping and Analysis
HighlineFI features powerful functionality that enables direct comparisons of financial entities of different types, all in a single, easy-to-use interface. Whether an organization's market landscape includes banks, S&Ls, credit unions, holding companies or all four, HighlineFI allows you to build meaningful and actionable comparisons across all entity types. Utilizing thousands of balance-sheet line items from 10 years of regulatory data, customers are able to drill down to precisely the comparison that their business objectives require.
Virtual Regulatory Data for Non-Filing Companies
HighlineFI fills in the traditional gaps in regulatory banking data with an innovative solution. Through a detailed analysis and summation of the subsidiary data that is available for all companies, customers can access financial data for companies that are not required to file actual regulatory data. In this way, HighlineFI enables easy access to, and comparative analysis of, foreign companies, S&L holding companies, and other non-filers, potentially saving weeks of an analyst's work to achieve the same results.
Publicly Traded Bank Data
HighlineFI is the most comprehensive, timely and accurate source for PTB data, including financial statements, SEC documents, news articles, earnings estimates, market data and more for over 1400 companies, dating back 10 years. Manually updated daily by Highline Financial's professional analysts, new information is culled from a variety of sources and available for on-demand access.
M&A Analysis
HighlineFI is the complete solution for consultants, financial institutions, investment bankers, and government agencies to monitor, assess, target, and execute a wide range of merger and acquisition activity. In addition to a vast M&A database (dating back to 1993) and online M&A tracking and reporting, HighlineFI's M&A capabilities include state-of-the-art mapping software, as well as demographic and product demand data to enable detailed scenario analysis based on real-time market conditions and product usage.
Excel(R) Interoperability
HighlineXL, HighlineFI's Microsoft Excel Add-in, is included with every subscription to enable access to the advanced customized modeling and presentation capabilities that Excel offers. HighlineXL automatically empowers users with up-to-the-minute live data updates, to keep customers' analyses as current as the data is available. The add-in gives you the ability to easily incorporate data from multiple entities into one spreadsheet, via a point-and-click, wizard-based interface.
Tuesday, 2 September 2008
MainSource Complete 1st Independence
MainSource Financial Group, Inc. ("MainSource"), has completed the merger of 1st Independence Financial Group, Inc. ("1st Independence") with and into MainSource (the "Merger") effective at 11:59 p.m. on August 29, 2008. As a result of the Merger, 1st Independence's wholly owned subsidiary, 1st Independence Bank, Inc., became the wholly owned subsidiary of MainSource. With total assets of approximately $325 million, 1st Independence Bank operates eight offices in southern Indiana and Kentucky.
Mr. Brown stated, "I want to welcome the employees and customers of 1st Independence to the MainSource family. This merger is important in helping MainSource achieve its objective of strengthening its presence in Southern Indiana. It also provides the company with an entrance into Kentucky. We look forward to continuing to provide 1st Independence's customers the best in community banking with the added benefit of exceptional products and services."
Stockholders of 1st Independence are entitled to receive cash in the amount of $4.418 per share and 0.7849 shares of MainSource common stock for each share of 1st Independence common stock owned by them, subject to the terms of the Merger Agreement.
Mr. Brown stated, "I want to welcome the employees and customers of 1st Independence to the MainSource family. This merger is important in helping MainSource achieve its objective of strengthening its presence in Southern Indiana. It also provides the company with an entrance into Kentucky. We look forward to continuing to provide 1st Independence's customers the best in community banking with the added benefit of exceptional products and services."
Stockholders of 1st Independence are entitled to receive cash in the amount of $4.418 per share and 0.7849 shares of MainSource common stock for each share of 1st Independence common stock owned by them, subject to the terms of the Merger Agreement.
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