M&A, Partnerships and Organic Growth in Wealth Management, Q3 2007

This tracker covers merger/acquisition activity globally in the wealth management space. It also highlights the strategic partnerships, and expansion (or contraction) of existing businesses. There is also a special focus on the important emerging markets: China, India, CEE and the Middle East.
Report Highlights

M&A activity during the quarter saw major Western players continue their expansion into emerging markets; however significant activity in mature markets has also been noted. In the opposite direction, divestment activity during the quarter was aimed at either focusing on core assets / core business or facilitating partnerships and mergers. This quarter's review of partnerships highlights alliances which have: (a) facilitated market entry in North African and Asian markets; and (b) enabled established providers operating in European markets to focus on their core capabilities. During the quarter, organic growth initiatives were focused on Asia, with other developments in a few European markets. Several providers also focused on restructuring their operations along geographic or functional lines while at least one bank pursued an integration of its global private banking operations.
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Contents 2
The Roundup 3
M&A 3
Partnerships 3
Organic growth 4
The Developments 5
ABN AMRO 5
Mellon buys back ABN AMRO Mellon Global Securities Services (Divestment) - July 07 5
Sofinco to acquire Interbank and DMC Group from ABN AMRO (M&A) - July 07 5
ANZ 5
ANZ purchases 10% stake in Saigon Securities Incorporation (M&A) - September 07 5
ANZ Private Bank opens Tasmania office (Organic Growth) - August 07 5
Bank of America 5
Bank of America acquisition creates large private wealth management organization (M&A) - July 07 5
Bank of America signs two lease agreements in Dallas (Organic Growth) - July 07 6
Bank of America realigns Premier Banking & Investments Divisions (Organic Growth) - August 07 6
Bank of Tokyo Mitsubishi UFJ 6
Mitsubishi UFJ Trust and Banking to focus corporate lending into four core outlets (Organic growth) - August 07 6
China Development Bank becomes major shareholder in Barclays (Partnerships) - August 07 6
BBVA 6
BBVA opens new center in Spain (Organic growth) - July 07 6
BBVA successfully completes Compass acquisition (M&A) - September 07 7
BNP Paribas 7
BNP Paribas and RBS International Securities Services to merge (M&A) - July 07 7
BNP Paribas enters joint venture with Sahara Bank (Partnerships) - July 07 7
BNP Paribas launches Swedish operations (Organic Growth) - September 07 7
BNL to be incorporated into BNP Paribas (M&A) - September 07 7
Citigroup 8
Citi secures rights to Banco de Chile holding company (M&A) - July 07 8
Citi to launch equity business in Turkey (M&A) - August 07 8
Citigroup expands 'Citigold' offering in China, opens new branch (Organic growth) - July 07 8
Citi strengthens wealth management operations in Singapore (Organic growth) - July 07 8
Crédit Agricole 8
Crédit Agricole signs acquisition agreement with Bank Sarasin (M&A) - July 07 8
Crédit Agricole proposes restructuring strategy (Organic growth) - July 07 9
Caceis to buy Olympia Capital International (M&A) - July 07 9
Deutsche Bank 9
Deutsche Bank increases capital in Thailand branch (Organic growth) - July 07 9
Fortis 9
Fortis sells a minority stake of Fortis Investments to Tokio Marine & Nichido Fire (Divestment) - July 07 9
Fortis Bank sells its stake in Banco Comercial Portugues - September 07 9
Fortis, Santander and RBS continue with their offer for ABN AMRO (M&A) - July-September 07 9
HSBC 10
HSBC agrees to acquire a majority shareholding in Korea Exchange Bank (M&A) - September 07 10
ING 10
ING Group completes sale of ING Trust (Divestment) - July 07 10
KBC 10
KBC Securities acquires a majority shareholding of Baltic Investment Company (M&A)- July 07 10
KBC Securities acquire Hipobroker in Serbia (M&A)- July 07 10
KBC receives final approval to acquire Absolut Bank (M&A)- July 07 10
KBC acquires 75% share in EIBANK (M&A) - September 07 10
Merrill Lynch 11
Merrill Lynch and AEGON to enter into strategic relationship (Partnerships) - August 07 11
Merrill Lynch and First Republic Bank close merger (M&A)- September 07 11
Merrill Lynch announces strategic relationship with ASSET4 (Partnerships) - September 07 11
Mizuho Holdings Inc. 11
Mizuho announces the dissolution of Mizuho Credit Co. Ltd. (Divestment) - August 07 11
Monte Paschi di Sienna (MPS) 11
Banca Monte Dei Paschi acquires AXA SIM- July 2007 11
Morgan Stanley 12
Morgan Stanley Investment Management partners with Korea's National Pension Service- July 07 12
OCBC 12
OCBC subsidiary commences business in China (Organic Growth) - August 07 12
PNC 12
PNC to acquire Sterling Financial Corporation (M&A) - July 07 12
Mercantile Banks converted to PNC (M&A) - September 07 12
RBS 12
RBS opens new branch in Beijing (Organic Growth) - August 07 12
RBS, Santander, and Fortis continue with their offer for ABN AMRO (M&A) - July-September 07 13
Sal. Oppenheim 13
Sal. Oppenheim increases its minority share in IKB (M&A) - August 07 13
Santander 13
Santander creates a Global Private Banking Division (Organic Growth) - September 07 13
Santander, RBS, and Fortis continue with their offer for ABN AMRO (M&A) - July-September 07 13
Sarasin 14
Sarasin and AIG Private Bank to create bank for affluent clients (Partnership) - July 07 14
Schroders 14
Schroders and Citibank to make international mutual funds available in China (Partnership) - August 07 14
Société Générale 14
SG Hambros acquires ABN AMRO Private Banking London (M&A) - September 07 14
Standard Chartered 14
Standard Chartered becomes largest international bank in Taiwan (M&A) - July 07 14
Standard Chartered to acquire stake in UTI securities (M&A) - August 07 14
Standard Chartered to acquire American Express Bank (M&A) - September 07 15
UniCredit 15
Unicredit and Capitalia merger cleared (M&A) - September 07 15
APPENDIX 16
Methodology 16
Further reading 18
Ask the analyst 18
Datamonitor consulting 18
Disclaimer 18
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