Industry Archives: Banking

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Swiss Private Bank for Sale

The Bank was founded almost 20 years ago in Switzerland. It is a separate subsidiary bank of a publicly quoted Austrian banking group. Its range of services is specifically tailored to those customers for whom excellent advice and customised solutions are especially important. The private banking section occupies a key strategic position in which core competency is consolidated. The firm stands for sustainable conservation of the value of its customers’ assets. Consequently, the range of services of the Bank has been adjusted to reflect this. The Bank also offers its clients online banking, share trading and trading in commodities etc. It has two offices in Switzerland.
Contact:
EdwardDuuk Partners Global
Pamela Laurento
[email protected]
+44 788 962 3207

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Banking and Finance

Virgin Money sells Somerset bank Church House for 13 mln stg

LONDON, Dec 1 (Reuters) – British bank Virgin Money said it had sold small regional lender Church House Trust to Ocean Industries for 13 million pounds ($20.4 million), four years after buying the business.

Virgin Money bought Somerset-based bank Church House Trust in 2010 but said it no longer made sense to buy it after its purchase of Northern Rock in 2012 and its initial public offering last month.

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Poland’s Alior Bank buys Meritum Bank for $107 million

WARSAW, Oct 21 (Reuters) – Poland’s Alior Bank said on Tuesday it had agreed to buy a 98 percent stake in smaller rival Meritum Bank from two private equity funds and the European Bank of Reconstruction and Development (EBRD) for 353 million zlotys ($107 million).
* Alior agrees to by 98-pct stake in Meritum bank
* To pay half of purchase price in cash, half in its shares
* Meritum shares sold by private equity funds, EBRD

About half of the purchase price, or 173 million zlotys, will be paid to Innova Capital and WCP Cooperatief, a unit of Wolfensohn Capital Partners, in the form of new shares issued by Alior Bank, a statement said.

Before the agreement the Innova Financial Holding fund managed by Innova Capital held a 49.9-percent stake in Meritum, WCP Cooperatief held 24.1 percent and the EBRD owned 23.9 percent.

Alior, Poland’s No.14 lender in terms of assets, said its existing shareholders will not have the right to participate in the new issue of 2.355 million of its shares for Innova Financial and WCP Cooperatief at 73.30 zlotys per share.

Alior’s current shareholders will vote on the share issue at a meeting starting on Oct. 22. Alior said the purchase of Meritum would require approval from the competition authority and state financial supervisor KNF.

Poland’s banking sector is consolidating, with top lender PKO BP, rival Bank Pekao, and No.3 player BZ WBK BZW.WA all signalling they would look into possible acquisitions. Polish lenders avoided the worst of the toxic loan problems that hit other countries and the economy is stable and growing. Italy’s UniCredit controls Pekao and Banco Santander runs BZ WBK.

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Fast-growing Regulated Nigerian Bank

This Bank was relicensed in December 2012, and opened March 4, 2013 as a specialized regional bank recalibrated for technology-driven efficiencies, service relationships and results. The Bank is a clean, liquid, well capitalized bank fully endorsed by the Central Bank of Nigeria.

The team, in its initial ten months of operation, has achieved the following:
– Positive operating income before depreciation
– Strong organic growth since launch: Deposits up 300%, Total Assets up 308%, Loan advances from N0 to N25.4billion.

The Bank is poised to execute an IPO as soon as possible and not later than 3 years.

Bank Overview:
– Licensed by CBN on the 27th of December 2012
– Financials: Total Assets of 98bn. Total Deposits of 72.6bn. Total Liabilities of 78.5bn. Shareholder funds of 19.4bn. Gross Earnings of 5.6bn. Profit before Tax of (2.5bn).
– Number of accounts grew by 2215% from 480 accounts at inception to 11,114 to date.
– 500+ employees.
– The BANK has presence in 9 locations across 2 southern zones with plans to deploy another 21 before the end of 2014. In addition to these locations it intends to increase its market reach through the set up of Agent locations in other zones inside Nigeria.
– Eight Experience Centers to date with 13 at various stages of construction; 50 ATMs; 144 POS’s.
– Advisors: Horwath Dafinone, Deloitte, KPMG, MPP Africa, Securities & Capital Management Company, and White & Case.

Proposed Transaction:
– Currently, the BANK is seeking to raise equity capital of N10billion (~$60mn) to accelerate asset growth.
– In parallel with this capital raise, the BANK proposes to raise additional US$100million as Convertible Notes in the International Capital Market to accelerate growth, competitiveness and value creation for its investors.
– This local capital raise is a combination of Rights Issue and Offer for Subscription via Private Placement.
– Rights Issue of 1,389,473,684 ordinary Shares of N1 each at N1.90 per share
– Offer for Subscription of 3,200,000,000 ordinary shares of N1 each at N2.30 per share
– The proceeds from these capital raise activities will be utilized for the following:
 To accelerate asset growth
 To increase working capital for day to day operations of the bank
 To make selective investments

Contact Information:
Phoenicia Capital Advisory
Paul Kazarian, CFA
T: +961 71 509 506
E: [email protected]
www.phoeniciacapital.com
Skype ID: paulkazarian

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Banking and Finance

Germany’s DEG takes $10 mln equity in Kenyan lender Chase

NAIROBI, Nov 18 (Reuters) – DEG, a subsidiary of German development bank KfW, has bought an unspecified amount of shares worth $10 million in Chase Bank, one of Kenya’s fastest-growing lenders Continue Reading →

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Otkritie Buys Petrocommerce Bank

Oct 30 (Reuters) – Russia’s Otkritie Financial Corp. is buying mid-sized Petrocommerce bank from IFD Kapital, an investment company with ties to energy major Lukoil’s largest shareholders Continue Reading →

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GE Money Sells Out to Sovcombank

MOSCOW Oct 28 (Reuters) – Russia’s mid-sized Sovcombank is buying the local unit of GE Money Bank, a subsidiary of U.S. conglomerate General Electric, in another departure of a foreign bank from a Russian domestic market dominated by state-controlled lenders.

Sovcombank, ranked among Russia’s top 60 by assets, said on Monday it had signed a binding agreement to buy GE Money Bank, expecting to close the deal after getting the green light from local regulators. It did not disclose the price.

The Russian unit of GE Money Bank is ranked among Russia’s 150 biggest banks by assets and is focused on high-margin consumer lending. It declined to comment.

General Electric will float a majority stake in its Swiss consumer finance unit GE Money Bank in the fourth quarter, as part of a retreat from the sector to focus more on industrial interests.

Many foreign banks entered Russia just before the global financial crisis of 2008-2009. They are now scaling back operations to allocate funds to meet higher capital requirements at home, at a time when Russian state-controlled giants like Sberbank and VTB are ramping up their business.

Although consumer lending margins remain high, the Russian central bank is trying to cool consumer lending expansion, which saw growth of about 50-70 percent in recent years, by demanding more capital and provisions for possible bad loans.

Among others, Britain’s Barclays and HSBC and Spain’s Santander have scaled back their operations in Russia. However, other foreign banks such as Italy’s UniCredit and Austria’s Raiffeisen Bank see Russia as a key source of growth.

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Runa Capital injects $2 million in mobile banking startup with global ambitions

East-West Digital News
RocketBank, a Moscow-based banking application startup, announced that it received $2 million in funding from Runa Capital, a Moscow-based fund operating internationally. Continue Reading →

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Ratnakar Bank to buy part of RBS’ businesses in India

Business Standard
Kolhapur-based Ratnakar Bank on Friday said it had agreed to buy Royal Bank of Scotland’s (RBS’) business banking, credit cards and mortgage portfolios in India. Continue Reading →

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LatAm Retail Banking Conference, Sao Paulo, 4 – 5 December

Latam Retail Banking Conference, will provide a platform to the region’s retail bankers to analyse, evaluate and improvise their retail strategy, along with networking with industry leaders Continue Reading →

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