In the giant mining BHP that mobilizes 38

After having been pushed by the financial crisis and its aftermath, the world of finance appears to have taken his summer quarters. In the giant mining BHP that mobilizes 38.6 billion to try to capture the world's leading fertilizer, Potash Corporation of Saskatchewan, the banking sector, in fact, pale figure merger-acquisition operations. Only Spanish Santander displays a good appetite for the time being. But its operations, neighbouring EUR 2 billion, have nothing of the great banking Meccano that some assumed.

"The model of the universal bank offering a wide range of professions around the world was beaten in the face by the crisis." "The merger of two global financial groups appears all the more difficult that these actors themselves reduce the wing by focusing on activities that are their force and transferring others", analysis Nicolas Lioliakis, associate of the firm Bain & Company. In France, overall, players think about the opportunity to keep their pole of insurance. BPCE Group reflects also in the future of its real estate pole, while Société Générale began to opt its specialized financing trades yielding ECS, Manager of computer and telecom infrastructure.

This movement of specialization already gave birth to the first global plants like Amundi, resulting from the approximation of the activities of the Crédit Agricole and Société Générale asset management. The sector of insurance does not escape that bottom trend. The British insurer RSA thus justified its offer of redemption of the activities of insurance-damage of Aviva, the United Kingdom, Ireland and the Canada. After to be itself refocused in 2003, he believes that Aviva offer more value to its shareholders by being only a life insurer (read below).

Large poles specialized

In the Bank, "other global actors should see the day in the trades of volumes as means of payment or the conservation of securities." "It is not excluded that new non-bank players emerge", says Nicolas Lioliakis. Royal Bank of Scotland (RBS) concluded earlier this month the sale to 2.4 billion euros of its majority stake in its subsidiary of systems of payment with WorldPay to two investment funds, Advent International and Bain Capital.

Until these great specialty poles see all day, banks will have to opt out of a large number of entities acquired during the years 2000, great period of international expansion. In the coming months, the opportunities will miss unless as they feed the obligation made by the European Commission to certain financial groups (Allied Irish Bank, KBC, ING, Lloyds Banking Group, RBS or even Dexia) to divest assets. "For some transactions, must be not only a seller and a buyer, but also that of the technical conditions are met", however prevents Nicolas Lioliakis, who stressed that "the recovery of assets and their impact on the own funds of the seller and the buyer became the central issues which traditional decision support tools are not always able to respond". The uncertainties prevailing still on the prudential framework, making it more complex to these issues, explain the immobility of most financial groups. Only the most financially solid and the road map is clear dare out of wood, Santander in mind.