Steven Kew’s Post

Coventry Building Society's £780M Acquisition of Co-op Bank Set to Transform UK Banking Landscape 🚀 Major Development in UK Banking! Coventry Building Society has announced its acquisition of Co-operative Bank for £780 million, marking a significant move in the financial sector. This deal, subject to regulatory approval and expected to complete by early 2025, will merge millions of customers and approximately £89 billion in assets under one umbrella. Key Details: 🔹 Both brands will continue to operate under their existing names during the integration. 🔹 Co-op Bank will return to a mutual structure, benefiting individual members. 🔹 Coventry Building Society will gain an expanded customer base, mortgage, and savings balances, alongside more branches nationwide. Coventry Building Society's CEO, Steve Hughes, stated that this merger will enhance value for more people, while Co-op Bank's CEO, Nick Slape, described the acquisition as a "natural next step" with exciting prospects. This strategic acquisition aligns with both institutions' commitment to delivering exceptional service and value to their customers. Although Coventry Building Society decided against a member vote on the acquisition, it ensures the decision was informed by member surveys prioritizing service quality and value. Stay informed on this pivotal development in the banking industry! Click the link to watch the video https://lnkd.in/eqmcZ7Me #BankingNews #Finance #UKBanking #CoventryBuildingSociety #CoopBank #MergersAndAcquisitions #FinancialServices #CustomerValue #BusinessNews #Economy #BankingIntegration #FinancialSector #MemberValue #StrategicGrowth #BankingTransformation Feel free to share your thoughts or questions about this exciting news! 💬👇

Coventry Building Society to Acquire Co-op Bank in £780m Deal… Coventry Building Society and The Co-operative Bank have reached a groundbreaking agreement, paving the way for a potential takeover worth up to £780m. This monumental move would see Coventry Building Society stepping into the role of the UK's seventh largest lender, with assets totalling around £89bn and serving a whopping three million customers from The Co-operative Bank. What's more, this deal marks a significant return to a mutual ownership structure for The Co-operative Bank, a structure it last had over a decade ago. Under this arrangement, both institutions will continue to operate under their current names and branding while they diligently work towards finalising the details of the acquisition. https://lnkd.in/e6tfqQ9s #finance #economy #management

#TechWithMC | Q2FY25 earnings for the IT sector seem to be heading to a gradual recovery amid caution, according to brokerage houses 🏢📈 Reshab Shaw & Debangana Ghosh share more on this 👇 https://lnkd.in/dXjcPjgE #Earnings #ITSector #BrokerageHouses

M&A. It hasn't exactly been a banner last 18 months for mergers. That's not to say everyone has been on the sidelines. Increasingly credit unions are making a splash into the bank realm. "As of March 18, credit unions were buyers in 27.3% of US bank deals announced in 2024, a percentage that would mark the highest total ever in a full year, according to S&P" "Deals in which credit unions buy banks started gaining popularity in 2019 and made up about 5% between then and 2021. But that percentage has been growing since 2022 — when interest rates started rising and uncertainty in the operating environment began increasing — as bank buyers took a step back, leaving more room for credit unions to step in." "Sound CU's deal for Washington Business Bank is the latest transaction in which a credit union targeted a bank. It marks the sixth such deal announced in 2024, nearly halfway to the current full-year record of 14 deals in 2022." "In Sound CU's deal for Washington Business, the buyer agreed to pay a premium between 20.6% and 27.7% to the bank's closing share price of $28.20 prior to deal announcement. That premium is lower than the median level other CUs have paid for banks since 2019, but the buyers in some recent deals have been paying up." #merger #banking #creditunion #markets https://lnkd.in/eYnrcWCT

A group of banks including #HSBC, #Barclays and #BNP Paribas are in talks to finance #Apollo’s acquisition of #UK-based parcel delivery firm #Evri from Advent, according to market sources. The deal, which was announced yesterday, is likely to be syndicated across bonds and loans given its size, market sources said, adding that the bank line-up will be sorted in the next two to three weeks. HSBC is advising Apollo on the financing, sources said. Apollo yesterday said it is acquiring Evri in a deal that values the firm at around £2.7 billion, according to sources. Apollo declined to comment. BNP Paribas declined to comment. Advent bought Evri in 2020 after acquiring the UK operations of the Hermes parcel delivery group from German mail-order company Otto for nearly £1 billion, and later rebranding it to Evri. The deal also comes barely months after Czech billionaire Daniel Kretinsky bought Royal Mail for nearly £3.6 billion. The Evri deal is also the second PE buyout in the UK this year, as in January, H.I.G. Europe took Evri rival DX Group #private in a £307 million deal, according to #PitchBook Data. Evri serves more than 12 million customers per week, and has grown into a key leader in parcel delivery, with a strong national network purpose-built for third-party e-commerce parcels and a differentiated last-mile delivery model. https://lnkd.in/eqF--2fH

Last week, long-standing QV holding Canadian Western Bank announced a definitive agreement to be acquired by National Bank. The deal's premium of over 100% marked a big win for QV's small cap clients. As the portfolio's third announced takeout in the last twelve months, the deal highlights the benefits of incorporating a long-term strategic investor's mindset in our process. To Portfolio Manager Steven Kim, MBA, CFA, this means relying on thorough due diligence to recognize long-term potential value when market prices reflect a different time horizon. Don't miss our latest Insight discussing how differentiated thinking contributes to differentiated results. https://lnkd.in/gCiM2B2T #canadiansmallcaps #canadianwesternbank #nationalbank #qvinvestors

Three years in a row, can't be luck. To learn more about Merchant West Investments, click the link: https://lnkd.in/gdM26AMA #MerchantWestInvestments #SCIStablePayersAndGrowersFund #RagingBullAwards #BestMultiAssetLowEquityFund #SouthAfricanFinance #PerformanceAward

#BerkshireHathaway still owns 802.7 million shares valued at $31.6 billion, 10.3% of BAC's outstanding shares. In total, it has added $9.4 billion to its already enormous cash pile by selling 230.2 million shares. That decreased its position by 22.3%. As long as Berkshire owns 10% or more of the bank's stock, it has to disclose any sales or purchases within two business days to comply with an SEC rule. If the stake drops below 10%, and that appears likely at this point, it will have to disclose the sale that takes it under that level, but it won't have to report any additional reductions until its quarterly portfolio snapshot. #portfoliomanagement #investmentadvisory #privatebanking

#CMA investigates #VirginMoney's merger with #Nationwide #financialservices #fintech #banks #banking #payments #ecommerce #digitaltransformation #Money2020EU #FintechLive https://lnkd.in/eq7xBba4

Following the merger of Heritage Bank and People's Choice Credit Union, the newly branded People First Bank has released its inaugural first-half financial results for FY2024, revealing an annualised growth rate of 6% (a $550 million increase) in residential loans. To find out more about the results, including comments from People First Bank CEO Peter Lock, read the story here: https://lnkd.in/gWP2C862 #financialresults #bankingindustry #bankingnews #mortgageindustry #homeloans