Mergers & Acquisitions
Over the last year, financial services organisations have been placed under unprecedented pressure, creating a situation where restructuring has become a critical issue. Perhaps surprisingly, M&A activity is still occurring, even if it is not “booming”. This is being driven by fundraising activity and selective disposals but not necessarily the forced sales that many had predicted. Although on the buy-side participants still hope to benefit from depressed asset prices.
Capital concerns
In the UK, major transactions have already occurred, including the rights issues and capital raising by the UK banks. Over the near term, global asset disposals by banks are estimated to total over $2 trillion. However, the current crisis is not simply a banking issue. Capital concerns have hit insurers who continue to assess their own operations and evaluate divestment opportunities in a bid to augment their capital base. All other financial institutions are also being affected as capital concerns, reduced trading volume and income, regulatory and political intervention, and general market uncertainty all lead to a desire for better capitalised organisations in a bid to weather the current crisis.
The Deloitte approach
Deloitte has a breadth of knowledge gained in assisting participants manage the current crisis. We are at the forefront of many current restructuring programmes and have been involved with major UK retail banks in relation to their restructuring. Our dedicated team focussing on financial services M&A, ensures we have all the industry sub-sectors covered. Our experience extends to asset management, where we have acted on a number of high profile assignments, and insurance, where we have assisted on both sell-side and buy-side opportunities. Deloitte is also highly active in the private equity sector and is the leading advisor in the debt purchase market.
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