Global M&AM&A themes 20192019
Banking & Capital Markets Contents
Foreword 3 Global banking deal activity — 2018 4 Global deal flows 6 Insights from EY Global Capital Confidence Barometer 7 Americas M&A year in review 8 M&A outlook 2019 9 Europe M&A year in review 11 M&A outlook 2019 12 Asia–Pacific M&A year in review 14 M&A outlook 2019 15 EY advantage 17 Contacts 18
Methodology • This publication is based on the analysis of ThomsonONE.com and Mergermarket M&A data. • We included selected additional transactions that were not in the databases. • Deals include transactions (announced or completed) in which the target is in the banking sector. • Deals in which less than 20% (disclosed) of the company was acquired have been excluded from this analysis. • Equity investments were included. • JVs were not included. • There is no minimum disclosed value deal threshold. • The information and opinions contained in this document are derived from public and private sources is believed to be reliable and accurate but which, without further investigation, cannot be warranted as to their accuracy, completeness or correctness. This information is supplied on the condition that the EY, its member firms, or any leader or professional of any thereof are not liable for any error or inaccuracy contained herein, whether negligently caused or otherwise, or for loss or damage suffered by any person due to such error, omission or inaccuracy as a result of such supply.
2 Global M&A themes 2019: Banking & Capital Markets Foreword
Welcome to the 2019 edition of the EY Global M&A themes: Banking & Capital Markets. This report reviews 2018 M&A activity across the banking sector, examines forward– looking confidence levels and related drivers from the latestEY Global Capital Confidence Barometer, and dives into the three main global markets (Americas, Europe and Asia– Pacific) to provide our outlook on the drivers of M&A in 2019. After a slowdown in the M&A activity during 2017, global banking sector M&A volume and value increased by 16% and 19% respectively in 2018. This growth was underpinned by robust deal activity in the US and across Asia–Pacific, and a significant increase in the Charlie Alexander number of mega deals (greater than US$1b). Consolidation within the payments segment EY Global Banking & Capital Markets and investment in technology–led businesses have been strong drivers of deal activity Transactions Leader in 2018. The banking sector’s search for new growth areas, continued technological London disruption and regulatory changes across regions will drive future M&A activity. Sector [email protected] convergence is also a key theme that we are closely watching as e–commerce, mobility, telecom and technology companies extend their product reach into financial services. According to the latest EY Global Capital Confidence Barometer, banking executives expect to see M&A activity to continue at elevated levels, with 53% expecting to actively pursue acquisitions in the next year. Deal–making is the fastest route to new markets, so there’s little surprise that 27% of banking and capital markets (BCM) respondents cite market entry as the foremost M&A driver. We will see consolidation at the regional level as regulation and political uncertainty pose a threat to cross–border deal–making. Private equity (PE) buyers with significant levels of dry powder will continue to scout for assets in payments, digital lending, FinTech and noncore assets, and will give stiff competition to trade buyers. The start of 2019 has raised geopolitical and economic growth concerns. Nevertheless, there has been a strong start to 2019 with three megadeals — SunTrust Banks and BB&T (US$28b), Fiserv and FirstData (US$22b), and FIS and WorldPay (US$35b) announced in early 2019. Institutions will continue to look for opportunities to grow, scale up, acquire new capabilities and improve digital offerings. While regulatory and political questions remain, the factors driving M&A in the sector are strong and should support deal–making for the foreseeable future.
Global M&A themes 2019: Banking & Capital Markets 3 Global banking deal activity — 2018
Value (US$b) Volume
792 deals 10 0 0
9 US$129b Americas deal value 201 201 201 201 201 201 201 201 10 2 2 209 9 1 19% 16% Euro e
201 201 201 201 201 201 201 201 increase in the value increase in the of deals compared number of deals with 2017 compared with 2017 2 20 0 192 1 1 Asia- 1 9 acific 1
201 201 201 201 201 201 201 201
Largest BCM deals by disclosed value
US$3,500m US$4,617m US$2,854m US$5,712m US$2,687m
Blackhawk Network MB Financial FCB Financial NEX Group VeriFone Systems Holdings acquired acquired by Fifth Holdings acquired by acquired by CME acquired by Investor by Silver Lake, P2 Third Bancorp Synovus Financial Group Group Capital Partners US US US US US
UK Switzerland Turkey China US Saudi Arabia India
US$2,890m US$3,194m US$4,954m US$4,432m US$2,560m
SIX Payment Denizbank acquired by Alawwal Bank IDBI Bank (68.4%) GE Capital’s Energy Services acquired by Emirates NBD Bank acquired by Saudi acquired by Financial Services Worldline UAE British Bank Life Insurance business acquired by France Saudi Arabia Corporation of India Starwood Property India Trust US
4 Global M&A themes 2019: Banking & Capital Markets Deal value (US$b)
2012 0 2 11 1 0
2013 2 20 1 1
2014 0 1 2 12
2015 0 2 2 22
2016 0 2 10 1
2017 0 2 1 10
2018 2 0 2 129
Ameri as rope Asia-Pacific Mi le ast an A ri a
Deal volume
2012 2 2 1 2
2013 0 20 2 1 091
2014 0 21 1 2 0
2015 0 20 1 02
2016 0 2 2 2
2017 1 2 20 2 2
2018 2 2 92
Ameri as rope Asia-Pacific Mi le ast an A ri a
Number of deals greater than US$1b Mid–market deals (US$500–US$1b)
1 1 1 29 2 2 29 2 1
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Global M&A themes 2019: Banking & Capital Markets 5 Global deal flows
Geopolitical risks and trade issues did not dampen the cross–border deal activity much in 2018, though it might weigh on in 2019.
Cross–border deal activity (US$b) 2
0 2 rope
1 0 1 Ameri as
Asia Pacific 1
2
0 Mi le ast an A ri a
Top acquiring nations: Top investment destinations: cross-border deal activity (by cross-border deal activity (by Key takeaways value) value) • The value of cross–border deal activity declined by 6% in 2018, underlined US UK by absence of large outbound deals 76% 29% from Asia. • Payments and sale of non–performing loans (NPLs) dominated the cross– border transactions: • US–based CME Group’s acquisition UAE Turkey of UK–based brokerage firm, NEX 14% 14% Group, was the largest cross–border deal in 2018, valued at US$5.7b. • In payments, the acquisition of i–Zettle by PayPal for US$2.2b was the largest cross–border transaction. France Sweden • Large US–based private equity firms 6% 10% are active investors in noncore assets and NPLs in Europe.
6 Global M&A themes 2019: Banking & Capital Markets Insights from the EY Global Capital Confidence Barometer
M&A outlook M&A appetite returns BCM executives expect to pursue deals as a way to enter markets, to BCM companies as consolidate regionally and improve digital offerings. deal intentions reach their highest levels in three years. 67% 53% 27% see the M&A market intend to actively pursue cite market entry as the improving. deals in the months ahead. foremost M&A driver.
Deal-making dynamics Regionally, consolidation deals are expected to dominate, although global megadeals remain unlikely in the short term.
56% 85% 52% say they expect to are willing to walk indicate that regulation and close more deals in the away if the deal isn’t political uncertainty pose the coming year than they right. biggest potential risk to did in the previous year. deal-making in the next 12 month.
Portfolio strategy Disruptive forces, pressure from investors and geopolitical uncertainty are driving companies to step up their portfolio reviews.
73% 70% say they review their have identified portfolios at least underperforming or every six months. disruption-prone assets ripe for divestment.
Global M&A themes 2019: Banking & Capital Markets 7 Americas: M&A year in review
2018 highlights
26% 6% US$17.7b increase in deal value increase in deal volume of outbound deals originating compared with 2017 compared with 2017 in the Americas in 2018
Deal value (US$b) Deal volume
10 565 561 520 467 0 350 370 2 333 9
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
Largest BCM 12m deals by disclosed value in 2018
US$4,617m US$3,500m US$2,854m US$2,687m US$2,560m
MB Financial acquired Blackhawk Network FCB Financial Verifone Systems General Electric by Fifth Third Holdings acquired Holdings acquired by acquired by Investor Capital’s Energy Bancorp by Silver Lake, P2 Synovus Financial Group Financial Services US Capital Partners US US business acquired by Deal rationale: US Deal rationale: Deal rationale: PE Starwood Property business diversification Deal rationale: PE regional expansion investment Trust investment US Deal rationale: noncore deleveraging
US
8 Global M&A themes 2019: Banking & Capital Markets Americas M&A: year in review
Growth momentum for retail banks • After many years of focusing on regulatory compliance and reshaping their business models, banks have pivoted back toward growth. • Inorganic growth will be focused on opportunities to grow market share, diversify business mix and geography, secure new sources of funding, and increase scale to offset compliance and technology spend. • Returns are beginning to exceed banks’ cost of equity, as higher profitability, greater return of capital and market perception of reduced risk has narrowed the differential. • A steepening yield curve, continued strong economic fundamentals, accelerated loan growth and M&A are the key catalysts for upward valuations, with investors watching closely if earnings momentum can continue.
M&A is expected to continue to accelerate • The landscape for bank M&A is rapidly changing, with acceleration driven by investor receptivity to value creating merger of equals (MOEs), continued regulatory relief, increased competition for loans and deposits, and need for scale and technological innovation. • Larger deals are expected to proliferate following the announcement of BB&T and SunTrust’s US$28b MOE, the elimination of the $50b systemically important financial institution (SIFI) asset threshold, and greater flexibility for capital redeployment given tax reform, increased Comprehensive Capital Analysis and Review (CCAR) transparency, and revisions to capital and liquidity requirements for large-sized banks. • Headwinds continue for many midsized and smaller institutions, providing the opportunity to sell at what may be peak earnings in the current cycle.
Rate of investment in technology to accelerate • Large US commercial banks have the resources to push the digital transformation and are investing in new technologies to reach wider group of customers, transform customer experience and gain efficiencies across the value chain. • Across the board, investments are not only being made to transform the legacy infrastructure, but also in innovation labs, developer portals and carving out of new digital–only platforms for banking and lending. • Given the backdrop of intense competition from big techs and continued disruption, incumbents are expected to increase investment and partner with FinTechs. • We expect banks, including less digital–savvy mid–tier banks, to actively scout for partners and attractive targets in the digital space to counter the threat of obsolescence. The need for survival in this era of disruption can also drive consolidation among the regional banks.
Global M&A themes 2019: Banking & Capital Markets 9 Americas: M&A outlook 2019
FinTech activity to center around three broad trends in 2019 • Ripple effects — The early part of 2019 saw two significant transactions announced that will create ripple effects across banking and FinTech. The US$22b merger between Fiserv and First Data announced in mid- January is likely to spur on additional consolidation activity and repositioning among merchant processing, debit processing, and issuer processing competitors. Not to be outdone, BB&T announced the acquisition of SunTrust bank in early February, a US$28b transaction that creates the nation’s sixth largest bank. Not surprisingly, a common theme in both transactions was the desire to drive more effective and efficient technology spend and innovation. • Consumer and commercial mash-up — Over the last few years, we’ve seen an increasing interest in B2B payments. Cases in point are: Worldpay’s acquisition of Paymetric and First Data’s acquisition of CardConnect. Earlier this year, Chase announced it was merging its SMB payments business (merchant processing) with its treasury services businesses, under the umbrella of wholesale payments (which already included trade finance and commercial cards). We should continue to see the mash-up of retail and commercial payments driving not just organic reconfigurations but also direct investment and M&A activity. • Banking-as-a-Service — If 2018 was the year when open banking became a reality in many markets, 2019 is the year where the banking-as-a-service will blossom as a formidable business model. Significant investment dollars have been deployed in both neo-banks and platform technology companies that enable digital financial services. In 2019, we expect that investment activity to continue as local players build out their digital footprint and fund both organic and inorganic new market entry.
Specialty finance M&A will continue to thrive • The appetite of specialty finance transactions is strong and is expected to increase as quality assets are identified and valuations normalize. • Relatively strong US economy, low interest rates outside the US and overall uncertainty in Europe primarily because of Brexit are some of the factors driving foreign players to acquire specialty finance assets in the US. • Banks are expected to become strong buyers of finance companies because of their advantage of a lower cost of capital. PE buyers, though interested in the sector, are limited by the higher valuations in the sector. • Given the recent regulatory environment easing on the banks in 2017, specialty finance companies are seeing banks interested in offering lower interest rates in order to acquire market share from these nonbank lenders. Exploring growth opportunities abroad • The year 2018 witnessed some of the large cross–border deals with targets outside the US, including CME– NEX transaction (US$5.7b) and PayPal’s acquisition of Sweden–based iZettle for US$2.2b. • The strengthening of the US economy, benefits from tax reforms and uncertainty in Europe imply that large US trade and private equity buyers will continue to search for lucrative assets overseas. • However, the inbound large strategic deals from Europe or Asia will continue to be evasive because of geopolitical uncertainty and strong competition from US–based acquirers.
10 Global M&A themes 2019: Banking & Capital Markets Europe M&A: year in review
2018 highlights
13% 19% $18.2b decline in deal value increase in deal volume of inbound deals into compared with 2017 compared with 2017 Europe in 2018
Deal value (US$b) Deal volume
2 10 9 9 2 2 209 1
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
Largest BCM deals by disclosed value in 2018
US$5,712m US$2,200m US$2,890m
NEX Group acquired iZettle by PayPal SIX Payment by CME Group US Services acquired by US Deal rationale: Worldline Deal rationale: geographic expansion France geographic expansion Sweden Deal rationale: industry consolidation UK Switzerland
Turkey
US$2,217m US$3,194m
Virgin Money Denizbank acquired by Holdings by CYBG Emirates NBD Bank UK UAE Deal rationale: Deal rationale: industry consolidation business diversification
Global M&A themes 2019: Banking & Capital Markets 11 Europe: M&A outlook 2019
Sustained loan portfolio sales activity • Investor interest in NPLs was strong in 2018 with a total €219b of gross book value of NPLs traded in Europe. We expect further deleveraging by European banks in 2019 as banks intensify their focus on cleaning up their balance sheets and improving margins. According to the European Banking Authority (EBA), banks still have €714b of NPLs at the end of Q3 2018. • EBA guidelines published in October 2018 on the management of NPLs and forborne exposures introduced a threshold of 5% of gross NPL ratio as a trigger for developing non–performing exposure (NPE) strategies. The guidelines, which apply from June 2019, are expected to further push the sale of NPLs as holding such loans will become costlier for banks. • Alternative asset managers and credit funds of the PE houses will dominate the buyer landscape with significant investment expected from US–based buyers. • Activity is expected to be concentrated in Italy and Spain, given regulatory efforts to improve asset quality.
Continued deal making in payments • Payments M&A activity is expected to remain robust this year largely driven by payment service providers (PSPs) broadening product portfolios, rise in electronic and digital payments, and investing to deliver consumer’s expectation of seamless omni–channel experience. • Access to new digital technology, fraud mitigation and compliance capabilities, and regulatory reforms, such as Open Banking and Payment Service Directive (PSD2), will further drive deal activity in payments. • Global trade buyers looking for economies of scale and opportunity to diversify product offerings will provide stiff competition to domestic strategic players. • High growth prospects of the payments industry and its ability to create value for stakeholders will continue to attract PE buyers to the industry.
Digital–led partnerships and investments • After a decade of restructuring, banks in Europe are focusing on growth, and actively seeking investments and partnerships with FinTechs to gain efficiencies and improve profitability. • A large number of banks have launched corporate VC funds to make strategic investments in early stage companies. Corporate accelerator and incubator programs are other means by which banks are engaging with FinTechs. However, outright acquisitions of FinTech companies is expected to remain low in the short term. • FinTech banking disruptors with impressive technology but low-scale operations could become opportunities for broader consolidation. • A slew of new regulations that came into effect in 2018, such as PSD2, Markets in Financial Instruments Directive (MiFID II), Open Banking (UK) and General Data Protection Regulation (GDPR), have increased demand for regtech solutions. • In response to the success of digital–only banks in Europe, incumbents are making investments in their own digital platforms.
12 Global M&A themes 2019: Banking & Capital Markets Europe: M&A outlook 2019
Consolidation in Central and Eastern Europe (CEE) region • Banks in CEE are reporting increased profitability and improved asset quality against a backdrop of strong economic growth, improvement in the labor market and increasing lending activity. • Banks in the region are also investing heavily in digital capabilities. However, the market remains highly fragmented with a large number of banks per capita. Improving capital ratios and favorable macro conditions in the region will lead to consolidation of smaller banks. • Asset quality in the region is improving. However, the sale of legacy NPLs will continue. As in the past, PE players are expected to be active acquirers. • Regional M&A consolidation will arise with PE competing with and working with regional players.
Challenger consolidation in the UK • The CYBG bank acquisition of Virgin Money for US$2.2b could be the beginning of challenger bank consolidation in the UK. Valuation multiples for some challenger banks remain below pre–referendum levels. This issue coupled with macroeconomic headwinds, and the need for capital to scale and to digitalize, and improve shareholders’ return could increase the push toward consolidation. • A number of larger challenger banks are backed by PE owners. PE players could consider consolidation if the shareholder return improves. • Specialist players also see consolidation opportunities to diversify their business models.
Specialty and consumer finance M&A to remain strong • The specialty finance segment has become increasingly competitive and is attracting interest from both trade buyers and PE firms. • Big banks have retrenched from higher risk categories and unsecured loans, creating an opportunity for well– run and well–capitalized independents who can successfully price for risk in volatile economic conditions. • Cost of funding has increased. As securitization costs are up, many have started taking deposits to offset costs. However, we expect liquidity to remain higher than precrisis levels. • These factors will drive consolidation, which will support economies of scale and preserve shareholder value.
Global M&A themes 2019: Banking & Capital Markets 13 Asia–Pacific M&A: year in review
2018 highlights
107% 35% US$2.4b increase in deal value increase in deal volume of inbound deals into Asia– compared with 2017 compared with 2017 Pacific in 2018
Deal value (US$b) Deal volume
52
40 295 274 33 31 27 214 206 192 187 17 15 139
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
Largest BCM deals by disclosed value in 2018
US$1,900m US$2,527m US$1,949m
Du Xiaoman Financial NCF Wealth Holdings Beijing JD Finance (58%) acquired by acquired by Hunter Technology Holding consortium Maritime (BVI) acquired by CITIC Deal rationale: China Securities PE investment Deal rationale: Hong Kong business combination Deal rationale: fund-raising
China India
US$4,432m US$1,768m
IDBI Bank (68.4%) Eclipx Group acquired by acquired by McMillan Life Insurance Shakespeare Corporation of India Australia India Deal rationale: Deal rationale: business combination capital infusion
14 Global M&A themes 2019: Banking & Capital Markets Asia–Pacific: M&A outlook 2019
Changing dynamics of foreign investments • Foreign banks and insurers continue to review and rebalance their portfolios in Asia. The strongest demand comes from large Asian strategic banks and insurers, particularly Japanese, Korean and Chinese, having keen interest in emerging markets with large populations and growing discretionary spending. For example, SMBC announced that it would use its expected US$12b capital surplus to acquire full–service commercial banks around Asia. • Western banks are looking to re–enter investment banking and wealth management businesses. Insurers (life and nonlife) will continue to buy and sell operations at the individual market level. • There is an increase in JVs and coinvestments in markets where 100% foreign holdings are difficult to achieve in practice or where local expertise is needed.
FinTech and digital investments • Chinese FinTech companies have expanded aggressively in the Southeast Asia market. Lufax has entered Singapore, and KKR and Tencent have made investments in Philippines. We expect further expansion in the region following successful capital raisings in 2018. Key interest areas include payments, credit analytics and online lending platforms, mobile wallets, and cloud technology. • In the coming year, we expect Chinese FinTech companies to more closely examine opportunities for expansion in Africa and Europe. • Banks in Asia will continue to face strong competition from a range of platform companies in adjacent industries (mobility, e-commerce , ride hailing and large tech) that are expected to invest heavily in financial services across the region. • Banks in the region will utilize alliances and investments to bolster innovation and increase their investment in digital and mobile capabilities. • The Hong Kong Monetary Authority (HKMA) is expected to issue its first set of licenses for virtual banks. Tech giants including Tencent, Ant Financial and Xiaomi have applied for the license. These banks are expected to use Hong Kong as a base to expand regionally. These new entrants will seek partnerships for technology and distribution to compete against large and well–established players in Hong Kong.
Global M&A themes 2019: Banking & Capital Markets 15 Asia–Pacific: M&A outlook 2019
Noncore and non–performing assets • Australian banks and insurers will continue to focus on core business units, streamlining operations through noncore disposals and public offerings. M&A activity is expected to accelerate post the Banking Royal Commission report though banks have already started the process of evaluating their portfolios. • In India, the Insolvency and Bankruptcy Code (IBC) passed in 2016 has armed banks to sell off their loans in the event of default, and has provided a strong resolution mechanism to lenders. The new code will help banks to address the issue of huge noncore assets and free up capital for investment and expansion. • In China, regulatory tightening on bad debt has increased the supply of noncore assets in the market.
Continued difficulties in getting deals done We have seen several targets come to market but fail to conclude despite significant buy–side interest. Some fail due to pricing or valuation but there are nonfinancial dynamics to navigate, such as: • Structuring issues, especially in coinvestment deals • Shareholder dynamics and disputes • Regulatory barriers or expected changes, especially where target economics are driven by price controls and political dynamics around trade, foreign direct investments (FDI) and government relationships
16 Global M&A themes 2019: Banking & Capital Markets EY advantage
Financial services organization overview
EY maintains a dedicated financial Knowledgeable financial services Collaborative approach to deliver holistic services organization that has provided professionals with informed transaction capital strategies excellent services for clients across three methodology and approach • EY TAS helps clients execute on all of the industry sectors: banking & capital • Our proven transaction professionals are aspects of their transaction strategies in markets, wealth & asset management, dedicated to the financial services sector their capital life cycle, including raising, and insurance. and are knowledgeable of industry- optimizing, investing and preserving Dedicated financial services focus specific challenges. capital in order to realize growth and profitability goals. • EY maintains a team devoted to • EY Transaction Advisory Services working exclusively on financial services (TAS) is continually refining our Proven ability to provide excellent services transactions that brings together all the methodology based on industry on financial services transactions necessary industry– and transaction– deal experience that can be adapted • Our teams have advised clients across specific competencies required to meet specific client needs and all financial services sectors in achieving throughout all phases of a deal. accelerate deal execution. desired business objectives through the execution of various deal types (e.g., M&A, carve–outs, tax–free spins, JVs, IPOs), and these experiences allow us to help others navigate potential pitfalls.
Client value
TAS can help you prepare for a transaction diligence, and integration and separation • Additionally, leveraging EY’s depth from beginning to end to achieve the planning and execution to increase of transaction competencies frees up following key deal objectives. deal success. capital and resources that EY clients can apply toward other strategic Preserve and enhance value • EY teams enhance the client’s internal business priorities. competencies by applying scalable, • Our teams use deal experience to repeatable and disciplined approaches to Enhanced credibility surface issues that destroy deal value so separation and integration processes. that they can be addressed protectively. • Our transaction teams support Reduce disruptions and capture deal value management to be well prepared for • Our financial services transactions deal negotiations by surfacing critical professionals are able to assist clients in • EY teams assist client in implementing information through rigorous due articulating, preserving and capturing a swift and disciplined approach diligence procedures. shareholder value across all deal types. that allows for the realization of deal synergies through focused planning, • EY’s proven track record also benefits • EY financial services integration and prioritization and execution of strategic EY clients by exhibiting to involved separation professionals know how initiatives. counterparties the quality of experience to navigate execution pitfalls that can and effort that is being applied to the prolong the deal process or create • Teaming with EY on transactions allows transaction process. undue exposures. executive management to maintain the necessary focus on running the day– • EY clients also reap the reputation Designed to increase deal success to–day business instead of becoming benefits of completing a • Our teams use a leading–class integrated absorbed in transaction–related well–executed deal. approach that combines strategy, commitments. financial due diligence, operational due
Global M&A themes 2019: Banking & Capital Markets 17 Contacts
Charlie Alexander EY has a fully EY Global Banking & Capital Markets Transactions Leader dedicated Financial London Services Organization [email protected] specifically designed to broadly address the unique issues of the Marc Symons banking and financial EY Americas Banking & Capital Markets Transactions Leader services industry. New York and Los Angeles [email protected]
Erberto Viazzo EY EMEIA Banking & Capital Markets Transactions Leader Milan [email protected]
Stuart Last EY Asia–Pacific Banking & Capital Markets Transactions Leader Singapore [email protected]
Acknowledgment James Kitt EY Americas Banking Transactions Research Analyst Ankita Srivastava EY Global Banking Transactions Research Analyst
18 Global M&A themes 2019: Banking & Capital Markets Notes
Global M&A themes 2019: Banking & Capital Markets 19 EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made. EY is a leader in serving the financial services industry We understand the importance of asking great questions. It’s how you innovate, transform and achieve a better working world. One that benefits our clients, our people and our communities. Finance fuels our lives. No other sector can touch so many people or shape so many futures. That’s why globally we employ 26,000 people who focus on financial services and nothing else. Our connected financial services teams are dedicated to providing assurance, tax, transaction and advisory services to the banking and capital markets, insurance, and wealth and asset management sectors. It’s our global connectivity and local knowledge that ensures we deliver the insights and quality services to help build trust and confidence in the capital markets and in economies the world over. By connecting people with the right mix of knowledge and insight, we are able to ask great questions. The better the question. The better the answer. The better the world works. © 2019 EYGM Limited. All Rights Reserved. EYG no. 001464-19Gbl ED None In line with EY’s commitment to minimise its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.