HSBC would include about to sell its credit card business in the United States. The reinsurer Transatlantic U.S. is about to be redeemed. BNP Paribas has in turn concluded Monday the sale of its UK wealth management.
Although many symptoms of pre-2008 crisis are meeting today and are fearing the worst, the activities of financial institutions continue to attract the covetousness.
Thus, the British bank HSBC is in "advanced discussions" with the U.S. bank Capital One for the sale of its credit card in the United States, according to sources from the Wall Street Journal. The agreement would include $ 30 billion of loans related to credit cards, and should be announced soon. To this is added the sale transaction, announced July 31, 195 retail banks in the United States by HSBC to establish U.S. First Niagara for $ 1 billion.
The British banking group has announced a conservation plan by 2013 to reduce its operating costs from 2.5 to 3.5 billion euros. Capital One has in turn entered into an agreement last June to buy the online bank ING Direct United States for $ 9 billion, a subsidiary of Dutch ING Groep.
This is for bankers and insurers, which are under pressure from the European Commission and new regulations (Basel 3, Solvency 2), to focus on their most-generating profitable growth.
Similarly, BNP Paribas signed last Monday to sell its wealth management arm of BNP Paribas Private Investment Management (PIM) in the UK. The investment bank Evolution Group has repurchased 5.7 million euros, through its asset management division of Williams de Broe.
In the markets for insurance and reinsurance, several issues are also on the table: the U.S. reinsurer Transatlantic Holdings said last night expected to bid higher than that launched late last week National Indemnity, a subsidiary of Berkshire Hathaway, the group of billionaire Warren Buffett. It offered $ 3.25 billion to buy the U.S. reinsurer. The offer is considered hostile by the reinsurer, who had agreed to a takeover in Swiss Allied World Assurance Company in June. Transatlantic end of July had also rejected the proposal of the Bermudian Validus.
Finally, the Dutch insurer Aegon would, according to the Financial Times, negotiating with the investment fund Cinven to sell its life insurance subsidiary British Guardian Life. The transaction could amount to between 290 and 345 million euros.
