Banking M&A Digest #124 (6.5.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

J.Safra Sarasin Group has acquired Bank of Montreal’s private banking business in Hong Kong and Singapore. The financial terms for the deal were not disclosed.

Source: Reuters

Deals On The Table

UBS, a Swiss lender, is said to be willing to boost its stake in its securities JV in China. 

Source: Reuters

Bank Leumi, an Israeli lender, is said to be considering a sale of Bank Leumi USA, its US bank arm. Bank Leumi USA had 5 branches, USD 7.2 billion in assets and about USD 6 billion of deposits as of 31 December 2020. The deal is expected to fetch about USD 1 billion.

Source: Bloomberg

Citigroup, a US lender, is said to be in the process of selling its retail operations in Australia. The business includes USD 2.8 billion of credit card assets and about USD 9 billion of loans and financial leases. Citigroup is expected to fetch as much as USD 6 billion from the sale.

Source: Bloomberg

Not So Fast

Trustly, a Swedish payment company, has postpone its planned USD 9 billion stock market flotation after regulators raised concerns about its lack of due diligence on its end customers.

Source: FT

Up-and-Comers

Safello, a Swedish cryptocurrency brokerage, is said to be preparing for an initial public offering in Stockholm. The planned USD 4.78 million IPO is said to be oversubscribed.

Source: Reuters

Flywire, a US payments firm that focuses on payments in the education, healthcare and travel sectors, is said to be preparing for an IPO and would seek a valuation as high as USD 3 billion. The company recorded USD 44.99 million in revenue for Q1 2021.

Source: Reuters

Exciting Numbers

According to disclosure platform Xangle, investors globally have lost more than USD 16 billion since 2012 in cryptocurrency-related scams and fraud.

Source: FT

Investors poured a record USD 69 billion into start-ups globally during Q1 2021, according to PitchBank data

Source: FT

A Thought Worth Noting

“It’s not different this time. There are no new eras, despite what the promoters tell you. Asset price bubbles come, bubbles go, but none of them correct by going sideways.”

David Rosenberg, president, Rosenberg Research

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Aivars Jurcans has more than 20 years of corporate finance and investment banking experience. His services are currently available through MURINUS ADVISERS.

Design by Artis Briedis, Photo by Joe Taylor on Unsplash

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