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In play today — Comerica aims to please; American Capital draws interest from asset managers

Banking Essentials Newsletter - November Edition

Online Brokerage Space Should Remain Rich Source Of M&A

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery


In play today — Comerica aims to please; American Capital draws interest from asset managers

S&P Global Market Intelligence presents a periodic summary of potential deal activity in the financialsector, including rumored transactions. This summary is based on information obtainedon a best-efforts basis and may not be inclusive of all potential deal activity.

Banking

* The pressureis getting to Comerica Inc.The Dallas-based bank has hired the Boston Consulting Group to help find ways toboost returns, and all options are now said to be "on the table."

And amid Texas' slower M&A scene, Houston-based was in talkswith two or threepossible dealpartners in the first quarter. IndependentBank Group Inc.'s CEO was a bit more vague, saying the company is "aswell-positioned as anyone to be active" and continues discussions with banks in its target markets.

* Speaking of target areas, FifthThird Bancorp is looking at Tennessee, Chicago and the Carolinas. Andwhile whole-bank buys are an option, CEO Greg Carmichael pointed out the market"has not been favorable to recent deals that were announced." Acquisitionsin the payments, wealthmanagement and insurance sectors are also being mulled.

Western Alliance Bancorp.is another company looking at both whole banks and lines of business. It just closedthe purchase of GE Capital's hotelloan portfolio and is already in other "strategic discussions"in markets it likes.

And the bidding for outdoor retailer Cabela's card business has reportedly already drawn offers from , , Capital One Financial Corp., Toronto-Dominion Bank and Synchrony Financial, according to Reuters, which cited anonymoussources.

* In Florida, StonegateBank is feeling confidentabout following up its pending RegentBancorp Inc. acquisition with one more in-market deal.

It might be seeing competition from HomeBancShares Inc. of Arkansas, through, which disclosed it has submitteda merger-related letter of intentto a Florida bank.

Also to read: Report:BNP Paribas to launch First Hawaiian Bank IPO as early as June; ; Simmons First expects M&A completions in 2017, lists states to enter;Wehmer: Expect Wintrust to weigh deals,but not dilution; UMBon hunt for M&A, says CEO; SouthState 'wide open' to the next deal; and First Tennessee open to more M&A

Financial services

* Ares Management LPand Apollo Investment Corp.have each expressed interestin acquiring the assets of AmericanCapital Ltd. that in January announced it will solicit offers to buy the company or its various business lines in whole or in part, accordingto a report by Reuters, citing anonymous sources. The company has also attracted interest from andBlackstone Group LP, thereport stated.

* DST Systems Inc.is looking to auction offits customer communications division, formerly called DST Output, which could reportedlybe valued at as much as $500 million, The Kansas City Star reported, citing BloombergNews.

* Sky News reported that IntercontinentalExchange Inc. has obtainedfinancing to fund its £10 billion takeover bid for , but LSECEO Xavier Rolet is firm that it will notconsider an offer from ICE in light of its track record with previousacquisitions. Meanwhile, EuronextNV is seeking to blockthe potential merger between LSE and DeutscheBörse AG and is also considering lobbying in favor of LSE's potentialtie-up with ICE, Bloomberg News reported.

Also to read: BNY Mellonmay buy DBV-X platform; Report:Perella Weinberg, Tudor Pickering Holt in talks for potential combination;and EZCORP acquires 6 pawn storesin Houston, provides update on strategic review of Grupo Finmart

Insurance

* Pacific Life InsuranceCo. entered into a nonbindingagreement with GenworthFinancial Inc. to acquire the latter's term life business platform,Genius. The potential deal would also include the sale of Genworth's building inLynchburg, Va., and certain intellectual property related to term life insurance,but exclude Genworth's in-force portfolio of existingterm life policies.

* Fosun InternationalHoldings Ltd. is simultaneously pursuing a full sale and an IPO of Ironshore Inc. after a partial sale of the specialty insurer seemed unworkable,The Insurance Insider reported.

* American InternationalGroup Inc. has launched a fullauction for United GuarantyCorp., The Insurance Insider reported.Essent Group Ltd., , and Radian Group Inc. aresaid to be potential buyers for the mortgage insurancebusiness.

* Patriot National Inc.and Unico American Corp.are exploring strategicalternatives.

Also to read: Report:Arthur J. Gallagher-owned UK broker network in talks over MBO; ; and

Send comments andnews leads to news@snl.com. To see the previous edition of "In Play Today," click .

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