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June 9, 2021

Banking market snapshot: some big deals coming through

By Patrick Brusnahan

Between 30 May 2021 and 5 June 2021, the banking industry saw 15 competed deals, a couple of which with hefty price tags.

PNC Financial Services Group, a bank holding company, completed the acquisition of BBVA USA Bancshares, a banking service provider, including its US banking subsidiary, BBVA USA from Banco Bilbao Vizcaya Argentaria, S.A, a Spanish financial services company, for $11.5bn to be funded with cash on hand in a fixed price structure.

Bank of America, Citi, Evercore and PNC Financial Institutions Advisory acted as financial advisers, while Wachtell, Lipton, Rosen & Katz acted as legal advisor to PNC Financial Services.

J.P. Morgan Securities and Sullivan & Cromwell LLP acted as financial and legal advisers to Banco Bilbao Vizcaya Argentaria, respectively.

Furthermore, National Australia Bank, a personal banking financial solutions provider, has completed the sale of MLC Wealth Management Limited to IOOF Holdings Ltd. (IOOF) for a purchase price of AUD1,440m. All the companies are based in Australia.

The transaction includes MLC’s advice, platforms, superannuation & investments and asset management businesses.

In addition, Deluxe Corp, a provider of technology-enabled solutions, customised products and services, acquired First American Payment Systems LP, a provider of payment processing services to merchants, banks, and associations, for approximately $960m. Both companies involved in the transaction are based in the US.

Of the 15 deals in the week, two were based in the Asia Pacific region, four in Europe, one in the Middle East and Africa, one in South and Central America, and seven in North America.

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