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Asia-Pacific financial institutions M&A interest tracker


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Asia-Pacific financial institutions M&A interest tracker

This tracker covers possible deals reported by media across the Asia-Pacific region over a certain period. The information is gathered from various news sources, excludes confirmed deals and is limited to potential acquisitions or sales involving companies or operations in the region. Click here to read the previous month's article.

A number of companies vied for stakes in Indian financial firms such as housing finance companies and insurance joint ventures in February.

Two U.S. asset managers are in the lead to acquire stakes in PNB Housing Finance Ltd., The Economic Times reported. General Atlantic Service Co. LP, which already holds a 10% stake in the Punjab National Bank unit, will likely pick up another 12% to raise its stake to about 22%. Värde Partners Inc. is expected to acquire a 10% stake in PNB Housing Finance.

Punjab National Bank is selling a 33% stake in the housing finance arm for about 52 billion rupees.

Below is a snapshot of February reports of possible deals compiled by S&P Global Market Intelligence.

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In another potential deal, Wadhawan Global Capital Pvt. Ltd., the controlling shareholder of Dewan Housing Finance Corp. Ltd., is looking to sell its shares in the latter, The Economic Times reported. Wadhawan Global is said to be in talks with strategic investors, but the discussions are in in the initial stages and no concrete timelines are in place.

Wadhawan Group, which has a 37.30% stake in the Indian company, does not plan to exit the company, but is looking to bring in a strategic partner, according to a Dewan Housing Finance spokesperson.

Blackstone Group, KKR & Co., Baring Private Equity (Asia), Hero Group, Fullerton India and Piramal Group are some of the likely candidates for the sale. The Economic Times earlier reported that at least two private equity firms and a nonbank lender were interested in a 10% stake in Dewan Housing Finance.

Dewan Housing Finance is also considering a sale of its stake in its insurance joint venture with Prudential Financial Inc., The Financial Express reported. Dewan Housing Finance holds a 51% stake in DHFL Pramerica Life Insurance Co. Ltd. and is planning to completely exit the joint venture.

Another Indian partner in an insurance joint venture is also planning to offload its stake. Prathap Reddy and his family, founders of India's Apollo Hospitals Enterprise Ltd., are seeking a buyer for their 41% stake in Apollo Munich Health Insurance Co. Ltd., a joint venture with Munich Re Co., Bloomberg News reported. The family plans to sell their stake for 12 billion rupees and is looking for a buyer in the next six months.

Meanwhile, South Korea's DGB Financial Group Co. Ltd. shortlisted buyers for its Hi Asset Management Co. Ltd. unit, The Financial News reported. The shortlisted buyers include Woori Financial Group Inc., which had submitted a letter of intent earlier in February, and Kiwoom Securities Co. Ltd. Woori Financial executives had previously said that the company plans to expand its business through mergers and acquisitions.

DGB Financial is seeking to sell the unit for more than 120 billion won and final bidding is set to take place in March after due diligence.

Another South Korean financial group, Shinhan Financial Group Co. Ltd., is venturing into Southeast Asia for a possible transaction. The group is in advanced talks to acquire an Indonesian consumer finance firm worth 100 billion South Korean won, BusinessKorea magazine reported. The group plans to enter the Indonesian installment financing market in cooperation with its PT Shinhan Indo Finance unit.

Further articles about other deal possibilities

Report: Westpac mulls sale of dealer groups

Report: StanChart considering potential sale of Malaysian Islamic banking unit

PSE to decide on Land Bank's offer for PDS Holdings stake by March 15

Indonesia to set up holding company for 4 state-owned banks

Report: Warburg Pincus, others eye Wadhawan Global's education finance unit

Report: India eyes another 3-way bank merger