India has emerged as the second most targeted nation for mergers and acquisitions in the Asia- Pacific banking industry with deals worth 10.3 billion dollars in 2007 so far, a report shows.
According to the data compiled by global consultancy firm Dealogic, total value of M&As - domestic and cross border - in the banking space in Asia-Pacific jumped to 70.5 billion dollars in 220 deals during the first eight months, up 40 per cent from 50.5 billion dollars through 197 deals a year ago.
With 72 deals valued at 36.3 billion dollars, Japan leads the tally, followed by India and South Korea. South Korea recorded 10 M&A deals valued at 7.6 billion dollars, the Dealogic data showed.
Meanwhile, cross-border M&As touched 23.8 billion dollars in 69 deals in 2007 so far. The figures nearly doubled from 12 billion dollars through 45 deals during the same period last year.
Interestingly, the top five deals this year accounted for 46 per cent of the total volume, compared to just 15 per cent last year. The top five deals were led by the acquisition of 59.74 per cent stake in State Bank of India by the Indian government for 8.7 billion dollars from the country's central bank - RBI.
Japan accounted for three of the top five M&As -- acquisition of 56 per cent stake in Nikko Cordial by Citigroup for 7.9 billion dollars, buyout of Mizuho Securities by Shinko Securities for 6.5 billion dollars and Mitsubishi UFJ Financial Group acquiring 37.22 per cent in Mitsubishi UFJ Securities.
South Korea accounted for the fourth largest deal with UK-based HSBC Holdings acquiring 51.02 per cent of Korea Exchange Bank for 6.3 billion dollar.
(Source: Economic Times
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