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Fri, Sep. 12, 6:43 AM
- As banks weigh in their bids for Citigroup's (NYSE:C) Japanese retail banking operations, the U.S. bank announced that it was looking to sell its Japanese Diners Club card business along with the unit.
- Citigroup's Japanese retail business has some 3.6T yen ($33.6B) in deposits, of which almost 2T yen is dollar-denominated, attracting Japanese banks seeking foreign currencies.
- Ten banks, including Mitsubishi UFJ Financial (NYSE:MTU), Mizuho Financial (NYSE:MFG), Sumitomo Mitsui Financial (NYSE:SMFG), Resona (OTCPK:RSNHF), Sumitomo Mitsui Trust (OTCPK:SUTNY) and Shinsei Bank (OTCPK:SKLKY) have all submitted preliminary bids.
Tue, Jul. 15, 5:35 PM
Tue, Jul. 8, 5:36 PM
Wed, May. 14, 9:34 AM
- Bank of New York's (BK) corporate trust unit is also drawing the interest of PNC Financial and Sumitomo Mitsui Financial Group (SMFG), according to Bloomberg.
- Mitsubishi UJF has previously been reported as maybe prepping a bid as well.
- For PNC, a purchase of the BNY business would return it to a line it exited from 16 years ago when it sold its corporate trust unit. For Sumitomo, it's another Japanese bank looking for growth abroad to offset slow business at home.
- BNY's corporate trust division could be worth as much as $2.5B, according to sources.
Tue, Mar. 25, 1:15 PM
- Playing down rumors of a possible deal to sell its U.S. retail unit to Sumitomo Mitsui Financial Group (SMFG +0.4%), RBS says its plan to begin the IPO process for Citizens in H2 remains on track. "That is our plan," says the bank.
- The statement is in contrast with the vibe of new CEO Ross McEwan who has said he would consider offers for Citizens as RBS moves ahead with the IPO.
Mon, Mar. 24, 12:32 PM
- Sumitomo Mitsui Financial Group (SMFG -1.8%) has held discussions with Royal Bank of Scotland (RBS +2%) about purchasing RBS's U.S. retail operation - RBS Citizens - reports the WSJ. Citizens has nearly 1.4K branches and $122B in assets across 12 states, and its sale would be among the largest U.S. deals since the crisis, and one of the largest-ever purchases of a U.S. bank by a foreign company.
- Citzens is a coveted target by acquisitive banks (TD has been rumored to have great interest), but RBS - despite being under heavy U.K. government pressure to raise capital - has been a reluctant seller. That attitude is starting to change, says the Journal, with new CEO Ross McEwan saying he wants to refocus the bank on its core U.K. market.
- The current plan is for an IPO of part of Citizens later this year to raise in the area of $10B, with a full exit by the end of 2016.
Thu, Jan. 30, 2:27 AM
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May. 23, 2013, 9:12 AM
Mar. 27, 2013, 8:28 PMJapanese stocks trade lower as global markets await the scheduled reopening of banks in Cyprus. The Nikkei Average lost 0.3% to 12,457 with banks and autos among the weak spots: Mizuho Financial Group (MFG -1%), Sumitomo Mitsui Financial Group (SMFG -1.2%), and Shinsei Bank (SKLKY.PK -0.9%), Honda (HMC -0.8%), Mazda (MZDAY.PK -1.8%), and Toyota (TM -0.65%) and Nissan (NSANY.PK -0.5%). | 1 Comment
Mar. 6, 2013, 3:47 AMPanasonic (PC) is selling an office building in Tokyo for about ¥50B ($537M) as part of its restructuring, with Sumitomo Mitsui Finance & Leasing (SMFG) buying 90% of the rights and Nippon Building Fund the rest. The deal is part of a trend of struggling Japanese companies divesting property to raise funds, including Sony (SNE) selling a building last month for ¥111.1B. | Comment!
Dec. 6, 2012, 7:52 PM
Oct. 16, 2012, 3:39 AMJapanese banks Sumitomo Mitsui (SMFG) and Mitsubishi UFJ (MTU) are spreading the financial love this week: along with Resona, they're providing Panasonic (PC) with $7.6B of loan commitments, allowing the electronics giant to avoid having to raise money in the markets. Sumitomo and Mitsubishi are also reportedly helping Softbank finance its $20.1B acquisition of Sprint. | Comment!
Oct. 12, 2012, 3:29 AMSoftbank (SFTBF.PK) is in negotiations with three major Japanese banks - Mizuho (MFG), Sumitomo Mitsui (SMFG) and Mitsubishi UFJ (MTU) - about borrowing $23B to fund its bid for Sprint (S), Reuters reports. While Sprint is worth $17.3B, it also carries almost $15B of debt. Japanese investors have reacted with dismay to news of the talks, with Softbank's shares closing -17%. | 9 Comments
Apr. 19, 2012, 4:09 AMING (ING) is hawking its Asian asset-management division, Bloomberg reports, with potential bidders including BNY Mellon (BK), Sumitomo Mitsui (SMFG) and Invesco (IVX). An analyst reckons the ops are worth around €500M ($655M), although ING might try to sell the unit together with its Asian insurance arm. | Comment!
Jan. 17, 2012, 8:59 AMWell-capitalized banks, the near-record strength of the yen, and few avenues of growth at home mean Sumitomo's (SMFG) purchase of RBS's aircraft-leasing business might be the first of several European asset acquisitions by Japanese banks. Also, taking a close look at the stream of potential deals flowing through boardrooms is Mizuho Financial (MFG). | Comment!
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