Banking M&A Digest #132 (8.7.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

Sumitomo Mitsui Financial Group, a Japanese lender, has agreed to buy a 74.9% stake in Fullerton India, an Indian non-bank firm, for USD 2 billion.

Source: Reuters

HFSF, a Greek bank rescue fund, has reduced its holding in Alpha Bank, a Greek lender, from 11% to 9% by taking part in Alpha Bank’s EUR 800 million share offering only partially. HFSF still remains the bank’s largest shareholder.

Source: Reuters

Eurobank, a Greek lender, has agreed to merge Eurobank Beograd, its Serbian unit, with Direktna Banka. The combined entity, Eurobank Direktna, will have total assets above EUR 2 billion. 

Source: Reuters

Up-and-Comers

Wise (formerly known as TransferWise), a UK fintech, was valued at more than GBP 8 billion after completing a direct listing.

Source: FT

Robinhood, an online brokerage, is said to be targeting a valuation of USD 40 billion or more in its initial public offering. It says its revenues more than tripled to USD 959 million in 2020.

Source: FT

Exciting Numbers

Robinhood’s revenue per user increased 65% in the first 3 months of 2021, up from almost USD 83 a customer with a funded account in the same period of 2020, to USD 137. The number of funded accounts on the platform rose from 5.1 million at the end of 20019 to 12.5 million at the end of 2020, and surged to 18 million at the end of March 2021.

Source: FT

Investment banks have raked in USD 17.9 billion in M&A fees in H1 2021, the highest since records began in 2000.

Source: FT

A Thought Worth Noting

“Bond markets are expressing a view that we are approaching the slowdown phase of the economic cycle.”

Gergely Majoros, portfolio manager, Carmignac 

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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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