KKR eyes stake in Razorpay; Japanese banks circle Credit Suisse assets

S&P Global Market Intelligence presents In Play Today, a periodic summary of potential deal activity in the financial sector of Asia-Pacific. This summary, which is displayed according to the location of a target's headquarters, is based on information obtained by S&P Global Market Intelligence and may not be inclusive of all potential deal activity.

India

* U.S.-based private equity firm Bain Capital LP is expected to sell a 1.24% stake in India's Axis Bank Ltd. through a block deal, Business Standard reported. The shares will be sold by Bain Capital affiliate BC Asia Investments. The private equity firm holds a 4.24% stake in the bank.

* The Indian government and Life Insurance Corp. of India are seeking to sell a 60.72% stake in IDBI Bank Ltd. Financial bids for the lender's privatization process will likely be invited by March 2023 and the transaction is expected to be complete next year, the Press Trust of India reported. India's Shriram Group Pvt. Co. will likely submit an expression of interest for IDBI Bank, The Economic Times said in a separate report.

* Aditya Birla Capital Ltd. is looking to acquire a 51% stake in Reliance Nippon Life Insurance Co. Ltd., The Economic Times reported. The company will likely compete with a consortium of Torrent Group and Nippon Life Insurance Co. for the Indian insurer's stake.

* New York-based KKR & Co. Inc. plans to invest in Indian financial technology startup Razorpay Software Pvt. Ltd., which is looking to raise $125 million in a funding round at a valuation of around $7.80 billion, Mint reported.

Pakistan

* Property developer Park View Enclave (Pvt.) Ltd. withdrew its intention to acquire a 51% stake in Silkbank Ltd. due to a change in the company's business priorities.

Southeast Asia

* Three firms, including private equity firms CVC Advisers Co. (Luxembourg) SARL and TPG Inc., are vying for a stake in Kasikornbank PCL's asset management unit, the Bangkok Post reported. French investment manager Amundi SA is the third potential bidder for Kasikorn Asset Management Co. Ltd.

* Singapore's Oversea-Chinese Banking Corp. Ltd. is looking for acquisitions in Indonesia as the banking group looks to leverage its robust capital buffers and expand its footprint, Reuters reported.

Australia

* Westpac Banking Corp. confirmed it was in preliminary discussions to acquire 100% of Tyro Payments Ltd. The latter also confirmed it received approaches from several parties for a deal.

* Cash Converters International Ltd. tapped Perth, Australia-based advisers of Ernst & Young Global Ltd. to help the secondhand retail company secure more deals as it strengthens its buy-and-build strategy, the Australian Financial Review reported. Cash Converters is looking to acquire firms or loan books that have up to A$30 million in cash profit.

Outside Asia-Pacific

* Mitsubishi UFJ Financial Group Inc. is looking to purchase global loans in the aviation and pension fund sectors from embattled Credit Suisse Group AG, Bloomberg News reported. The Japanese banking group has tapped potential advisers for the deal.

* Mizuho Financial Group Inc. is considering acquiring a portion of Credit Suisse's securitized products group, Bloomberg News reported. The Japanese lender is competing with four other potential bidders for the platform.