Top 20 financial services deals from 01 January to 31 January 2013 by value

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Top 20 financial services deals from 01 January to 31 January 2013 by value

05 February 2013

IBS Journal - Mergers & Acquisitions

January cut a lean figure as 2013 swept into play compared to 12 months ago, mergermarket data shows. The top five financial services deals last month totaled GBP 3.6bn compared to GBP 6.7bn 12 months earlier.

With only two GBP 1bn-plus deals to be tabled over the month, and thereafter only a handful of transactions valued at more than GBP 300m, 2013 has not been given the kick start its predecessor received. But historically, January's deal flow is varied and largely not an indicator of how the rest of the year will follow.

Asia headed the list of deals for the month with Korea Exchange Bank's 40% stake sale to Hana Financial for GBP 1.1bn. This was closely followed by Netherlands' financial services and private equity group, PPF's GBP 1bn sale of its stake in Generali's Czech joint venture. The Italian insurer will have the right to purchase the outstanding 24% for EUR 1,235m by exercising a call option that expires at the end of 2014. Generali already owns 51% of the JV.

Elsewhere, several smaller deals took place including Aviva continuing its restructuring programme with the announcement that it will sell off its Malaysia-based life insurance business, CIMB for GBP 374m.

Paul Francis-Grey, mergermarket

Announcement Date	Target Company	Bidder Company	Seller Company	Deal Value (£m)
28-Jan-13	Korea Exchange Bank (40% Stake)	Hana Financial Group		1,124
08-Jan-13	Generali PPF Holding BV (25% Stake)	Assicurazioni Generali SpA	PPF Group	1,048
31-Jan-13	CreXus Investment Corp	Annaly Capital Management		632
02-Jan-13	Flagstar Bank (Northeast based commercial loan portfolio)	CIT Group Inc	Flagstar Bancorp Inc	480
17-Jan-13	CIMB Aviva Takaful Berhad (98% Stake); and CIMB Aviva Assurance Berhad (98% Stake)	Khazanah Nasional Berhad; and Sun Life Financial Inc	Aviva Plc; and CIMB Group Holdings Bhd	374
04-Jan-13	Colmena Golden Cross SA	LarrainVial SA	Carlos Trucco, Cecil Chellew, Jose Subercaseux and Patricio Mosso (Private investors)	311
04-Jan-13	Unnim Vida SA de Seguros y Reaseguros (50% Stake)	Unnim Banc SA	Aegon NV	287
15-Jan-13	Founder BEA Trust Co Ltd (70.01% Stake)	Founder Securities Co Ltd	Peking University Founder Group Corp	286
30-Jan-13	Virginia Commerce Bancorp	United Bankshares Inc		274
25-Jan-13	Cajasol Vida y Pensiones (50% Stake); Cajasol Seguros Generales (50% Stake); and Cajacanarias Vida y Pensiones (50% Stake)	CaixaBank SA	Caser Seguros SA	184
02-Jan-13	Acto Capital (82% Stake)	Luxempart SA; and Rothschild & Cie	Groupama Private Equity SA	97
06-Jan-13	Tamweel PJSC (41.8% Stake)	Dubai Islamic Bank		89
08-Jan-13	City Savings Bank (99.54% Stake)	Union Bank of the Philippines	Aboitiz Equity Ventures Inc; and Pilmico Foods Corporation	87
21-Jan-13	Banco Popular Espanol SA (Debt collection unit)	KG EOS Holding GmbH & Co	Banco Popular Espanol SA	85
23-Jan-13	ING Vysya Life Insurance Company Private Limited (50% Stake)	Exide Industries Limited	ING Groep NV; Hemendra Kothari (Private Investor); and Axis Capital Limited	65
08-Jan-13	Generali PPF Holding BV (Insurance operations in Russia, Ukraine, Belarus and Kazakhstan)	PPF Group	Generali PPF Holding BV	65
30-Jan-13	Osaka Securities Finance Co Ltd	Japan Securities Finance Co Ltd		58
24-Jan-13	The First National Bank of Shelby	Bank of the Ozarks Inc		43
29-Jan-13	Somerset Hills Bancorp	Lakeland Bancorp Inc		41
22-Jan-13	Sequoia Insurance Company	Amtrust Financial Services Inc		38

Source: mergermarket
Notes:
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target being Global
Based on dominant sector of target being Financial Services
Includes all deals valued over USD 5m. Where deal value not disclosed, deal has been entered based on turnover of target exceeding USD 10m
Activities excluded from table include property transactions and restructurings where the ultimate shareholders' interests are not changed
Data correct as of 01-Feb-2013

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