This tracker covers possible deals reported by media across Asia-Pacific 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 report.
Foreign companies' growing interest in India's financial services industry drove potential deal activity in Asia-Pacific in August, as Blackstone Inc., Aviva PLC and HSBC Holdings PLC reportedly pursued deals in the country's insurance and nonbanking sectors. Citigroup Inc., on the other hand, is seeking buyers for its retail banking business in the country.
Four Indian banks and Singapore's DBS Bank Ltd. are in the race to acquire Citi's retail business in India as the U.S. banking group seeks to exit several retail markets across the world. HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Axis Bank Ltd. and IndusInd Bank Ltd. are among those poised to take over the estimated $2 billion business, sources told The Economic Times.
In South Korea, however, Citi unit Citibank Korea Inc. again pushed back its decision on exiting its retail business after failing to agree with suitors on terms of a deal, The Korea Herald reported. The bank originally planned to decide Aug. 26.
Below is a snapshot of August reports of potential deals compiled by S&P Global Market Intelligence.
Blackstone, HSBC and Aviva are pursuing separate deals in India, according to The Economic Times and Mint. The U.S.-based private equity giant is said to acquire a majority stake in Indian wealth manager ASK Investment Financial Consultants, while HSBC is reportedly in advanced negotiations to acquire L&T Mutual Fund from India's L&T Finance Holdings Ltd. U.K.-based Aviva plans to buy an additional 25% stake in Aviva Life Insurance Co. India Ltd. from Dabur India Ltd.
In Southeast Asia, Vietnam Joint Stock Commercial Bank for Industry and Trade is looking to divest its 15% stake in VietinBank Securities JSC. The bank also plans to sell a 50% stake in VietinBank Leasing Co. Ltd.VietinBank Leasing Co. Ltd., Vietnam Investment Review reported.
Over in Australia, Australian Central Credit Union Ltd., trading as People's Choice CU, signed a nonbinding agreement with Heritage Bank Ltd. in August to explore a merger that would create a customer-owned banking organization with A$22 billion of total assets. Members of the two Australian mutual banks are set to vote on the transaction in early 2022.
Elsewhere, China Huarong Asset Management Co. Ltd. is in talks with potential strategic investors alongside a CITIC Group Corp.-led consortium, Reuters reported. The talks come as the troubled bad debt manager logged a 102.9 billion yuan loss for 2020.
Further articles about other deal possibilities
India's City Co-operative Bank eyes reconstruction for Punjab and Maharashtra Co-operative Bank
Fino Payments Bank mulls merger with holding company
As of Sept. 3, US$1 was equivalent to 6.46 Chinese yuan.