Financial Services
Hony, GCS named preferred bidders for Dexia unit – report
Hony Capital has teamed up with GCS Capital, a PE firm founded by former investment banker Guocang Huan, to buy the asset management arm Dexia in a deal worth EUR500 million ($615 million). The Franco-Belgian financial group is one of the biggest victims...
India ATMs: Banking on convenience
Recognizing the need for more ATMs, a consortium of Indian banks has opened up the business to independent contractors. Numerous private equity-backed enterprises are waiting to swoop
Carlyle shelves plans to exit Taiwan’s Ta Chong Bank
The Carlyle Group is no longer looking to sell its stake in Taiwan's Ta Chong Bank, citing tough global market conditions. The news comes after potential buyer Yuanta Financial reportedly walked away from a deal that valued the lender at up to T$37 billion...
Indonesia caps foreign ownership of local banks at 40%
Foreign ownership of Indonesian banks will be capped at 40%, although exceptions will be made for listed banks with strong financial health and high levels of tier-one capital. On this basis, it appears that DBS Group’s $7.2 billion bid for Bank Danamon...
Janalakshmi microfinance raises $26m from PE investors
Bangalore-based microfinance institution (MFI) Janalakshmi Financial Services has raised INR1.45 billion ($26.4 million) in a Series C round of funding from a group of investors.
Navis exits India call center business via trade sale
Navis Capital Partners has sold its majority stake in Andromeda Sales and Distribution, an Indian financial services distributor, to Casa Capital Management. It is the Malaysia-based private equity firm’s fourth exit in six months.
Nirvana Venture backs Indian prepaid services provider
Mumbai-headquartered payments provider TranServ has raised an undisclosed amount from Nirvana Venture Advisors. The investment will allow TranServ to scale up operations and deliver its planned products.
Blackstone to support ex-AIA CEO’s ING Asia bid – report
The Blackstone Group has reportedly agreed to support Mark Wilson, former chief of AIA Group, in his bid for ING’s Asia insurance unit. The sale is expected to generate around $7 billion, with Wilson’s consortium targeting ING’s Southeast Asian...
Crescent Capital offers $225m for Australia's ClearView Wealth
Crescent Capital Partners has made a A$220 million ($225 million) takeover bid for Australian financial services company ClearView Wealth. Guinness Peat Group, which owns 47.8% of ClearView, said the offer was wholly inadequate and didn’t reflect the...
TPG exits Taishin Financial for $182m
TPG Capital sold its entire 7.8% stake in Taiwanese lender Taishin Financial for around $181.5 million after the Taiwan market closed on Wednesday.
India embraces e-payment
With established market leaders in India’s mainstream e-payment space, VCs are targeting opportunities in the unbanked and mobile payment markets
Indian microfinance: Back from the brink
The dust is finally starting to settle on the suicide scandals that rocked Indian microfinance in late 2010. Is the industry still an attractive proposition for private equity?
Baring increases its stake in Manappuram Finance to 5.94%
Baring India Private Equity has increased its stake in Manappuram Finance, a non-bank financial company (NBFC) specializing in loans based on gold.
Accion, Pragati India boost Saija Finance with $4m
Accion and Pragati India Fund have invested $4.5 million in Indian microfinance company Saija Finance. The funding will enable the firm to make acquisitions.
Innovative intermediaries: China's boutique advisors
Boutique corporate financial advisors are expanding in China, taking advantage of deals that lie beyond the reach of global investment banks. In the absence of pre-IPO deals, future success relies on differentiation
PE firms remain in the hunt for Kyobo Life
The sale of a one third interest in Kyobo Life, the smallest of South Korea’s Big Three life insurers, was always going to be a two-phase affair. The first phase – Korea Asset Management Corp. (KAMCO) exiting its 9.9% stake in the company – is now...
SBI, FMO launch $80m financial services fund
Japan's SBI Holdings and Netherlands Development Finance Company (FMO) have jointly rolled out a new fund that will invest in financial services across emerging Asia. The SBI-FMO Emerging Asian Financial Services Fund is targeting up to $80 million in...
Blackstone gets co-investment rights in HK hedge fund
Private equity giant Blackstone Group has upped its exposure to Asia-focused hedge fund Senrigan Capital. By injecting a further $50 million into the vehicle, it will be able to co-invest with Senrigan on a number of projects.
Ontario Teachers win Kyobo Life stake - update
Canada's Ontario Teachers Pension Plan has become the preferred bidder for a stake in Kyobo Life Insurance edging out other interested party, Affinity Equity Partners. Contrary to earlier media reports, the pension fund did not team up with existing shareholder...
Warburg Pincus finalizes $125m Future Capital deal
Warburg Pincus has reportedly agreed to buy a majority stake in India's Future Capital Holdings (FCH), the financial services unit of the Future Group, for $100-125 million.
SBI, FMO to launch $80m emerging Asia financial fund
Japan’s SBI Holdings and Netherlands Development Finance Company (FMO) will jointly roll out a new fund to invest in financial services across emerging Asia. The fund will have a target size of up to $80 million and is seeking a first close of $60 million....
Lone Star to pursue arbitration over KEB exit
Lone Star Funds plans to initiate arbitration proceedings against the South Korean government regarding its $3.5 billion exit of Korea Exchange Bank (KEB) to Hana Financial. The US private equity firm claims the government interfered with its rights as...
China encourages private investment in banking sector
China will allow private capital to invest in banks on an equal footing to other forms of capital. The move, which in theory will see substantial barriers to PE involvement in the industry, comes as the government opens up certain state-controlled and...
Carlyle plan to sell Ta Chong to Yuanta fails
The Carlyle Group will not be selling its 40% stake in mid-sized Taiwanese lender Ta Chong Bank to Yuanta Financial, as the prospective buyer withdrew its T$37 billion ($1.25 billion) bid for the asset.