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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.

Asia-Pacific banks and overseas private equity firms made headlines in July for showing interest in doing deals in Southeast Asia and India.

The Philippines banking sector attracted domestic and overseas buyers, with Indonesia's PT Bank Mandiri (Persero) Tbk reviving plans to acquire two Philippine banks, Reuters reported. The Indonesian lender will begin looking for potential candidates at the end of 2019 to 2020, said Kartika Wirjoatmodjo, president director of Bank Mandiri. The bank shelved its previous acquisition plans in 2018 due to capital reallocation.

Separately, Philippine-based Union Bank of the Philippines plans to acquire at least two rural banks in the country to expand its business operations, GMA News reported. Edwin Bautista, the bank's president and CEO, said agreements have been signed and that all parties are waiting for approval from the country's central bank. Bautista declined to identify the target banks or reveal other details.

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

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Vietnam's Military Commercial Joint Stock Bank plans to sell a 7.5% stake to foreign investors as it seeks to raise capital to expand its operations over the next three years, Reuters reported. The bank will sell the stake to one or more foreign investors in 2019, said the bank's CEO, Luu Trung Thai. The Wall Street Journal quoted sources as saying that the Vietnamese government, which owns a 44% stake in Military Bank, will sell part of its stake in the bank.

In the insurance sector, shareholders of Singapore-based ACR Capital Holdings Pte. Ltd. have revived the sale process for a majority stake in the reinsurer, DealStreetAsia reported. ACR Capital called off a deal in late 2017 for the reinsurer to be acquired by a consortium of Chinese companies.

South Korea's JB Financial Group Co. Ltd. is eyeing more M&A deals in the Southeast Asian market amid the growing competition and saturation of the local financial market, The Korea Times reported. The group is seeking more M&A deals in Cambodia, Myanmar and Vietnam.

Over in India, private equity firms are reportedly scouting for opportunities to acquire stakes in financial services firms. Yes Bank Ltd. received offers from private equity investors for a stake in the bank worth US$850 million, The Economic Times reported. A consortium, which reportedly includes two U.S.-based private equity investors and two domestic companies, submitted a term sheet offer for the stake in the bank.

Dewan Housing Finance Corp. Ltd. is hoping to sell a stake and offer board seats to a foreign private equity firm as part of its proposed resolution plan, London's Financial Times reported. U.S.-based Cerberus Capital Management and Lone Star Funds are reportedly among the potential candidates to invest in Dewan Housing Finance. The nonbank lender hopes to strike a deal within weeks.

In addition, Edelweiss Financial Services Ltd. is in advanced talks to sell a 20% stake in its wealth-management business to U.S.-based Kora Management LP for 20 billion rupees, The Economic Times reported. Funds raised from a sale will help the group in meeting its debt obligations during the quarter.

Further articles about other deal possibilities

Cerberus Capital affiliate in talks to acquire Australia's Axsesstoday

Report: Woori Financial Group to acquire AJU Capital in 2020

Report: India eyes consolidation of regional rural banks

IFCI to raise up to 20B rupees via sale of noncore assets

Report: CVC among potential bidders for stake in Euroclear