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Sharing Deal Insight European Financial Services M&A News And www.pwc.com/financialservices SharingSharing dealdeal insightinsigghht EuEuropeanropean FiFinancialnancial SServiceservices MM&A&A nnewsews andand viewsviews This reepport provides perssppectives on the recent trends and ffuuture develooppments in the Eurooppean Financial Services M&A market and insights into emerrgging investment ooppportunities. October 2012 Contents 03 Welcome 04 Data analysis 08 Banking in Russia: Capitalising on resurgent growth in retail 12 Looking East: Market potential spurs renewed investor interest 16 Methodology 17 About PwC M&A advisory services in the financial services sector 18 Contacts €22.4bn of European financial services deals in the first half of 2012, up 36% on the same period in 2011 €2.8bn acquisition of Turkey’s Denizbank by Sberbank is the Russian group’s largest acquisition outside its home market 2 PwC Sharing deal insight Welcome to the third edition of Sharing deal insight for 2012. Sharing Deal Insight provides perspectives on the latest trends and future developments in the financial services M&A market including analysis of recent transactions and insights into emerging investment opportunities. and bolt-on deals within the mid and Russia’s leading financial institutions Nick Page lower end of the banking market, which have also set ambitious plans for regional PwC UK has helped to spur the increase in growth. As we examine in our second [email protected] volumes, looks set to continue. Further article, strong margins and buoyant drivers for a continued pickup in activity consumer demand in the financial include the gathering pressure for services sectors of a number of Central, consolidation within many of Europe’s Eastern and South Eastern European insurance and asset management sectors markets are attracting growing interest (see Data analysis section). from investors. As some international Fredrik Johansson groups withdraw from the region, ever PwC UK The main focus of this edition is Eastern [email protected] more opportunities are opening up for and Central Europe. The first article looks new entrants and financial investors to at the prospects for investment in Russia’s move in. Many of the businesses being financial services sector. The sector has sold are profitable and well established. embarked on a period of renewed But economic prospects and market expansion. But, the gap in growth development will continue to vary potential between the front runners and markedly in the short-term (see ‘Looking the following pack is widening and the As we anticipated in our last edition, deal East: Market potential spurs renewed return on investment is therefore going to values in the European financial services investor interest’). vary quite markedly as a result. While market recovered strongly in the second we’re unlikely to see the major takeovers We hope that you find this edition of quarter of 2012 and were almost double that propelled a number of international ‘Sharing deal insight’ interesting. Please the equivalent period in 2011. The groups into leading market positions prior do not hesitate to contact either of us or number of transactions in our quarterly to the financial crisis, many institutions any of the article authors if you have any dataset also rose for the first time in two within Russia’s leading pack will be comments or questions or would like to years and includes a number of cross- seeking international investment to help discuss the issues in more detail. border strategic acquisitions. them sustain their current rate of growth. Looking ahead, the need for restructuring Private equity investors are likely to be and ambitions for growth within the among those that will be looking to market will continue to vie with the capitalise (see ‘Financial services in difficulties of finding buyers, agreeing Russia: Capitalising on resurgent prices and winning over investors. The growth’). growing stream of domestic consolidation PwC Sharing deal insight 3 Data analysis As predicted in our last publication, a recovery in banking M&A saw the overall value and volume of European financial services deals improve during the second quarter of 2012. Although one major banking rescue played a significant role, the quarter also saw some more encouraging signs of a recovery in deal activity. The total disclosed value of European • Denizbank: The €2.8bn acquisition of financial services M&A captured in our Turkish bank Denizbank by Sberbank dataset grew to €12.7bn in the second of Russia was announced in June. The quarter of 2012, 31% higher than the deal is Sberbank’s latest and largest prior quarter’s total of €9.7bn and almost move outside its home market, double the comparable figure of €6.7bn following its €585m acquisition of from the second quarter of 2011. 1 Volksbank International, an Austrian bank focused on Central and Eastern Halfway through this publication’s tenth Europe. In previous editions of this year, that improvement gives some paper we have discussed the appeal of grounds to hope that 2012 may see a Turkey’s fast growing banking market. modest recovery from the low point of The sale of Denizbank by Dexia, 2011, when European financial services currently being restructured by the M&A was severely curtailed by the French and Belgian governments, offers eurozone crisis. The total value of deals a rare chance for an outright purchase for the first half of 2012 was €22.4bn, of a large Turkish commercial bank. a 36% improvement on the equivalent figure of €16.5bn from 2011. • The London Metal Exchange: June also saw the announcement that the Less positively, the deal data provides a member-owned London Metal reminder of the challenges facing Exchange is to be sold to Hong Kong European financial services, particularly Exchanges & Clearing for €1.7bn. Until the banking sector. The second quarter’s now, the LME has remained one of the total disclosed deal value of €12.7bn few globally significant exchanges still includes one major banking rescue, a owned by its members. For HKEx, the €4.5bn transaction which saw the deal offers a chance to join a handful Spanish government acquire a 45% stake of international groups competing in Bankia through the conversion of globally for exchange business. preference shares issued by Bankia’s parent group BFA (see Figure 1). Banking These two large transactions were not the bail outs may now be less frequent than only encouraging features of the second they were, but they remain an occasional quarter’s data. The total number of feature of European M&A. European financial services deals captured by our dataset increased for the Set against that, the quarter also saw the first time in two years (see Figure 2). announcement of two large strategic As suggested in our previous paper, we deals valued at more than €1bn. Both believe this could be a more significant involve cross-border bids with a focus indicator of a recovery in financial 1 Deal data is sourced from mergermarket, Reuters on expansion. services M&A than total deal value. and Dealogic, unless otherwise specified. For details of our analysis methodology, please refer to the information on page 16 4 PwC Sharing deal insight Figure 1: European FS M&A by value (€bn), Q1 2010 – Q2 2012 1. €1.3bn BNP Paribas Luxembourg 1. €1.3bn Bank of Moscow (34%) – VTB Bank OAO SA (47%) – BGL BNPP 2. €1.1bn Bank of Ireland (37%) – Group of investors led by Fairfax Financial Holdings 2. €1.2bn RBS Sempra Commodities LLP (European & Asia operations) – JP Morgan Chase 1. €3.9bn Deutsche Postbank AG (70%) – 1. €2.6bn Bank of Moscow OAO (46%) – Deutsche Bank VTB Bank OAO 2. €3.1bn Bank Zachodni WBK SA – Banco 2. €1.8bn Caja de Ahorros y Pensiones Santander de Barcelona La Caixa 3. €2.3bn RBS WorldPay – Investor Group (Banking operations) – Criteria 4. €2.0bn RBS Group (318 branches) – CaixaCorp SA 1. €4bn Dexia Bank Belgium Banco Santander 3. €1.1bn Vidacaixa-Adeslas Seguros 2. €2.5bn Skandia Insurance Generales (50% Stake) – Mutua 3. €1.8bn Bank Sarasin Madrilena Automovilista SL 4. €1.3bn Banco Pastor 1. €3.3bn AXA SA (UK life and pensions 1. €4.5bn Bankia businesses) – 2. €2.8bn Denizbank 3. €1.7bn LME 25 Resolution Limited 2. €1.4bn KBL European Private Bankers SA – The Hinduja Group 20 1. €3.8bn Allied Irish Banks 1. €1.1bn RAC 1. €5.8bn RBS plc (91%) – Ireland Plc – The Aviation 15 2. €1.1bn Bluebay Asset Carlyle Group, 2. €1.0bn Banca Management Plc – LLC Civica Royal Bank of Canada 10 5 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 €8.6bn €11.1bn €21.2bn €9.5bn €9.8bn €6.7bn €5.0bn €16.3bn €9.7bn €12.7bn Source: PwC analysis of mergermarket, Reuters and Dealogic data but so too were several other significant Figure 2: European FS M&A by disclosed value (€bn) and number of deals, transactions. Sberbank’s acquisition of Q1 2010–Q2 2012 Denizbank was the largest, but another notable deal was Rabobank’s €301m bid 25 450 for the remaining 40% of its Polish 400 subsidiary Bank Gospodarki Zywnosciowej. And a second Turkish 20 350 bank, Eurobank Tekfen, was acquired by 300 D e e a Burgan Bank of Kuwait for €271m from u 15 l l V a 250 o V Greek bank EFG Eurobank Ergasias. l l u a 200 m e 10 All three deals are intended to give the e D 150 bidders greater exposure to faster 5 100 growing banking markets than their own. 50 The insurance sector also generated 0 0 some significant transactions during the Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 quarter.
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