资源描述：
《2018 banking and securities M&A outlook》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、BankingandsecuritiesM&AoutlookTimetogetingearBankingandsecuritiesM&Aoutlook
2、TimetogetingearIntroductionAfterseveralyearsoffalsestarts,willbankingandsecuritiesmergerandacquisition(M&A)activitygetingearin2018?Entering2017,thereseemedtobepositivemomentumforincreasedBa
3、nkingdeal-makinginbanking,specialtyfinance,investmentmanagementandsecurities,andfinancialtechnology(fintech).Macro-levelWith250announceddealsasofDecember19,bankingM&Avolumecatalystsincludedanimprovingeconomy,sustainedstockmarketin2017wasalmostacarboncopyofthepriory
4、ear’s249transactions(figure1).12017’stotalwasabitdisappointing,astheyearbeganwithrally,steadilyrisinginterestrates,pro-businesselectionresults,andtheexpectedeasingoffinancialservicesindustry(FSI)regulations.numerousnaturaldriversforconsolidation—animprovingeconomy,
5、Addorganization-leveltriggersofcontinuingmarginpressure,sustainedstockmarketrally,amplecapitallevels,andexpectationsamplecashreserves,andtheneedfordigitalcapabilities,andtheforalooseningofbankingregulationsunderthenewTrumpcombinationoffactorswarrantedanoptimisticou
6、tlook.Yet,similaradministration.However,delayedregulatoryleadershipchanges,to2016,theM&Aengineessentiallyremainedinneutral:Dealsizesprolongeduncertaintyaroundtaxandhealthcarereform,andalate-increasedin2017,buttherewerefewertransactionsoverall.2016run-upinstockprice
7、s(especiallyforsmallbanks)lettheairoutofM&A’stiressomewhatin2017.Entering2018,wecontinuetobeoptimisticaboutbankingandsecuritiesM&A.VirtuallyalloftheabovedriversremaininplaceandarebeingbolsteredbyincreasingregulatoryclarityandUStaxreformlegislation—bothofwhichwillbe
8、nefitbottomlinesandaddtocapitalwarchests.Wedo,however,anticipatethatorganizationswillneedtimetodigesttheimplicationsofnewlegislationandmaydelaydeal-makingtothesecondhalfoftheyear.2BankingandsecuritiesM&Aoutlook
9、TimetogetingearWealsoexpectedstrongerconsolidationin20
10、17atthehigherFromaregionalperspective,theMidwestandSoutheastleddealendoftheregional/super-regionalbanks,butthatdidn’thappen.volumein2017,posting8
