Financial Services
MBK in exclusive talks with ING to acquire Korea unit - report
MBK Partners has reportedly entered into exclusive talks regarding the sale of ING Groep's South Korean life insurance business. The private equity firm is said to have offered KRW1.8 trillion ($1.6 billion) for the entire operation.
DBS abandons takeover bid for Indonesia’s Bank Danamon
Singapore’s DBS Group has abandoned its $7.3 billion takeover bid for Indonesia’s Bank Danamon after deciding the regulatory hurdles were insurmountable.
Nomura, Next Capital-backed Ashikaga files for IPO - report
Ashikaga Holdings, which is backed by Nomura Financial Partners and Next Capital Partners, has applied to list on the Tokyo Stock Exchange (TSE) for what could be a $1 billion IPO.
KKR seeks investors to expand India NBFC
KKR is in talks with overseas investors to infuse capital into its non-banking financial company (NBFC) in India, KKR India Financial Services.
GCS sees Dexia asset management deal collapse - Update
GCS Capital's EUR380m ($503 million) bid to acquire the asset management arm of Dexia collapsed yesterday after the Franco-Belgian bank said the Hong Kong PE firm had been unable to pay for the deal.
China banking reform: Share the wealth
China's first step in interest rate liberalization might herald a series of reforms that make financial services more market-oriented. But where does shadow banking fit into it?
PE and China's financial sector flaws
The liquidity squeeze engineered by China's central bank in June, which temporarily made it more expensive for commercial banks to lend money to one another, was generally regarded as an effort to remind said banks about the importance of solid asset...
PE-backed OzForex considers IPO - report
OzForex, an Australian online foreign exchange platform backed by The Carlyle Group, Accel Partners and Macquarie Group, is said to be considering an IPO that could raise around A$500 million ($643 million).
Malaysia's Khazanah in Turkish insurance buyout, Abraaj exits
Malaysian sovereign wealth fund Khazanah Nasional has agreed to pay $252 million for a 90% stake in Turkish health insurer Acibadem Sigorta. The investment facilitates the exit of The Abraaj Group, which held a 50% stake in the business.
Japan's Meiji Yasuda beats PE to Thai Life stake
Japan’s Meiji Yasuda Life Insurance has agreed to buy a 15% stake in Thai Life Insurance for an undisclosed sum, thought to be in the region of $750 million. Other participants in the auction reportedly included the Carlyle Group, KKR and CVC Capital...
GCS Capital, Dexia deal in doubt as deadline missed
GCS Capital's proposed EUR380 million ($502 million) purchase of the Dexia's asset management arm has been thrown in to doubt after the Franco-Belgian bank ceased talks on the deal yesterday.
Taiwan’s Chinatrust buys Tokyo Star Bank – report
Chinatrust Commercial Bank, one of Taiwan’s largest commercial lenders, has reportedly agreed to buy Tokyo Star Bank for JPY52 billion ($519 million) from Lone Star and other creditors-turned-shareholders. It would be the first full buyout of a Japanese...
Everstone to invest $33m in Indian NBFC
Everstone Capital is to invest INR2 billion ($33.5 million) for a 15-20% stake in Hinduja Leyland Finance (HLF) a non-banking financial company (NBFC) owned by the Hinduja Group.
Baring ups stake in India’s Manappuram Finance
Baring Private Equity Partners India has upped its stake in Manappuram Finance, a listed non-bank financial company (NBFC) specializing in gold loans, to 11.56% from an earlier 9.48% via open market purchases.
Markit launches private equity valuations service
Financial information services company Markit has launched a service for investors to value their assets held by private equity funds. It comes in anticipation of Europe’s Alternative Investment Fund Managers Directive (AIFMD), which requires alternative...
Australia’s Next Capital buys Scottish Pacific from Lazard
Next Capital completed the acquisition of Australian debt finance company Scottish Pacific from Lazard Australia Private Equity. The transaction value wasn’t disclosed but local media reports put it at around A$90 million ($82.6 million).
Piramal to buy 10% stake in TPG-backed Shriram Capital
Indian conglomerate Piramal will purchase a 10% stake in Shriram Capital, the holding company of Shriram Group's financial services business. TPG Capital owns an 11% stake in the company.
Credit China, jeweler Chow Tai Fook form RQFLP fund
Hong Kong jeweler Chow Tai Fook has teamed up with financial services provider Credit China and private equity firm VMS Investment to form a closed-end Renminbi Qualified Foreign Limited Partnership (RQFLP) fund. The vehicle, named Chongqing Run Ke Equity...
South Asian impact fundraising platform gets Series A round
Singapore’s Jungle Ventures has led a $1.1 million round of funding for Milaap Social Ventures, an impact-focused fundraising platform in South Asia. Lion Rock Capital and two angel investors also participated, as did existing investor Unitus Seed Fund.
Ironbridge targets full buyout of Australia’s Bravura
Ironbridge Capital has made an offer to acquire a further one-third stake in listed Australian life insurance and wealth management provider Bravura Solutions. The offer values the company at A$172.7 million ($158.3 million).
Vogo-backed Tongyang Life chosen as preferred bidder ING Korea unit – report
A consortium led by Tongyang Life Insurance, which is majority-owned by Vogo Investment, has reportedly been chosen as the preferred bidder for ING Groep’s South Korean life insurance unit. The consortium is said to have offered around KRW2 trillion...
Gray Matters invests in social banker Unitus Capital
Bangalore-based social investment bank Unitus Capital (UC) has received an undisclosed commitment from Gray Matters Capital (GMC)-owned First Light Ventures fund. The vehicle acts as an incubator and investment partner to seed-stage, for-profit social...
PE-backed NBFC Magma to apply for India banking license
Non-bank financing company (NBFC) Magma Fincorp, which has several private equity investors, will apply to the Reserve Bank of India (RBI) for a new banking license. IDFC, Religare Enterprises, Reliance Capital and the Aditya Birla Group also plan to...
Korean government tries again to offload Woori stake
The South Korean government will once again try to offload its majority stake in Woori Finance Holdings, this time breaking up the asset into three pieces to be auctioned separately. The plan is to sell two regional banks and a brokerage and related units...