Bankarski sektor od Matthewa Greenburgh

18/09/2007 Volksbank International cannot find a Serbian takeover target

Volksbank International (VBI), the private Austrian banking group, is having troubles finding a suitable takeover target in Serbia, Wirtschaftsblatt reported.

Friedhelm Boschert, chief executive at VBI, explained in the Austrian daily that no acquisitions are in sight in Serbia for the moment, as there are no banks up for sale that would suit VBI. The Serbian subsidiary of VBI has a balance sheet total of EUR 600m, it concluded.

A recent article pointed out that private Austrian banking group Oesterreichische Volksbanken (OeVAG) holds the majority in VBI, while France's Banques Populaires, Germany's WGZ Bank and Germany's DZ Bank hold the remaining 49% stake.

Source: Wirtschaftsblatt

:clap: :clap: :clap:

Zna li neko kako mogu iz Srbije da kupujem akcije u Crnoj gori?

Alec ::

Pa sto im ne javis za Credy ili Agro? One su povoljne!

Credy bi mogli da uzmu... Verujem da chekaju proces neki da krene. CYBN ce da bude +100% kad bude deal. Naravno, prvo moraju da promene savetnike, da otpuste one neznalice iz EPIC (shta god to bilo!) i da uzmu ozbiljnog savetnika koji zna da prodaje banke. Imash i 70% vecinskog vlasnika da ti da zashtitu u SPA (nemash pojma shta je sve drzava dala u ugovorima do sada).

Agro je preveliki zalogaj za njih -- nikada nisu deal veci od E100m uradili u regionu... A i austrijska banka ima totalno bolesnu vlasnichku strukturu, sa nekim sindikatima, fondacijama, zadrugama... pitaj boga... Jedino shto je sigurno je da nemaju cash-a da podignu kapital da rade dealove, a nece da rade IPO jer nece ownership dilution...

Volks je dno brate!! ;)

Hvala ti puno...

milos86 ::

Hvala ti puno...

Obrati paznju na Sofiju... Opasno dobra kinta moze da se napravi tamo... Mnogo racionalnije trzishte nego u Srbiji

Pochni da investirash u Grchke banke (NBG, Alpha) i u OTP

To su ti sigurni dobici i to masivni (po 30%/40% na EUR balanse)

Vienna, 19 September 2007

Raiffeisen International Starts Capital Increase

Today, Raiffeisen International Bank-Holding AG gave the official starting signal for the first capital increase since its IPO on 4 April 2005. As announced in an ad hoc release already two days ago, the subscription and offer period starts today and is expected to end on or about 3 October 2007. It is planned to issue a total of up to 11,897,500 new shares. Depending on the ultimate subscription and allotment price, the issue could cover a transaction volume of approximately 1.21 billion euros, once it is fully sold (e.g. based on the closing price on Tuesday, 18 September 2007, which amounted to 101.49 euros). This transaction will increase the share capital of Raiffeisen International from currently 435,448,500.00 euros by up to 8.33 % to up to 471,735,875.00 euros.

New Capital to Finance Growth

“The additional capital will provide a sound financial base for our envisaged organic growth. In addition, we obtain the necessary operating leeway that will allow us to react swiftly to market opportunities. One could say, we are filling up our tanks so that our high-performance engine can continue to run at high speed,” said Herbert Stepic, CEO of Raiffeisen International.

Since the IPO, the balance-sheet total has grown very dynamically. While it had amounted to 28.9 billion euros at year-end 2004, it had doubled to 62.6 billion by 30 June 2007. In the period 2002 to year-end 2006, consolidated profit grew annually by an average 55 per cent, i.e. from 104 million euros to 594 million euros (adjusted for one-off effects). During the first six months of 2007, Raiffeisen International recorded a profit before tax of 401 million euros.

Vigorous Growth since IPO

“Our continuing high growth rates together with our promising strategic positioning – especially in Southeastern Europe and the CIS – should present an attractive offer for the capital market to subscribe for our new shares,” said Stepic. In his opinion the dynamic growth of the retail sector – in recent months the Group’s customer base rose by an average 100,000 customers – and the solid roots among corporate customers, who continue to be the largest revenue contributor, underline the attractiveness of the capital increase.

Moreover, the medium-term financial targets that Raiffeisen International set itself at the IPO have all been reached: return on equity before tax is above 25 per cent (the value was 26.6 per cent as at 30 June 2007), the cost/income ratio amounts to less than 60 per cent (57.3 per cent as at 30 June 2007), and the risk/earnings ratio is about 15 per cent (14.2 per cent as at 30 June 2007). “We fully achieved the ambitious targets which we set ourselves at the IPO. Therefore, besides presenting an attractive investment story as ‘CEE Pure Play’, we also offer a sound confidence base,” stressed Martin Grüll, CFO.

Since Raiffeisen International went public (IPO) in April 2005, the company’s market capitalisation increased from 4.6 billion euros to about 15 billion euros at present. This corresponds to a net appreciation of about 220 per cent. With a share price performance of 108 per cent, Raiffeisen International shares were best performers in 2006, both on the ATX (plus 22 per cent) and on the Dow Jones Euro Stoxx Banks, the European industries index (plus 23 per cent).

Good Position on the Fast-Growing CEE Markets

The region of Central and Southeastern Europe (CEE) continues to offer growth opportunities for Raiffeisen International. The national economies of the CIS, in particular, for which an annual nominal economic growth of 15.1 per cent is expected until the end of 2009, as well as of Southeastern Europe (10.7 per cent annually), offer a major potential.

In addition to the macro-economic growth perspectives, it is essentially the catch-up process of the banking markets that offer long-term growth opportunities. While the banking market – expressed as an aggregated global balance-sheet total – of the euro zone amounted to about 236 per cent of the overall annual economic performance at year-end 2006, the figure was 80 per cent for Central Europe, 68 per cent for Southeastern Europe and 57 per cent for the CIS at the same time. This difference reflects the long-term catch-up process of the banking markets of this region.

International Road Show Launched

In the weeks to come, Raiffeisen International will embark on road shows within and outside Europe. Deutsche Bank AG and Raiffeisen Centrobank AG will accompany the transaction as joint book runners.

Existing shareholders will be entitled to subscribe for one new share for every twelve outstanding shares held (subscription ratio of 1 : 12). Shares for which subscription rights are not exercised will be offered by way of public offering to retail and institutional investors in Austria and by way of private placements to institutional investors outside Austria.

In any case, Raiffeisen Zentralbank Österreich AG (RZB) will participate with about 50 per cent in the transaction volume. Based on the full placement of the offering, RZB's stake would be reduced to about 68.5 per cent after the capital increase.

19/09/2007 EIBank receives offers from KBC and from La Caixa - report

Economic and Investment Bank (EIBank), a listed Bulgarian bank, is negotiating a takeover offer from Belgian bank and insurance group KBC, and Spanish bank La Caixa. This was reported by de Standaard, citing several unnamed sources, that said that both KBC and La Caixa have made an offer for a majority holding in EIB.

EIB was up 11% on this news and the Bulgarian owners of EIB are thought likely to make a decision over these offers next week.

EIBank is Bulgaria's ninth biggest bank, with end-April 2005 assets totalling over BGN 900m (EUR 459.62m), an earlier report noted.

Source: De Standaard

Matthew Greenburgh ::

19/09/2007 EIBank receives offers from KBC and from La Caixa - report

Economic and Investment Bank (EIBank), a listed Bulgarian bank, is negotiating a takeover offer from Belgian bank and insurance group KBC, and Spanish bank La Caixa. This was reported by de Standaard, citing several unnamed sources, that said that both KBC and La Caixa have made an offer for a majority holding in EIB.

EIB was up 11% on this news and the Bulgarian owners of EIB are thought likely to make a decision over these offers next week.

EIBank is Bulgaria's ninth biggest bank, with end-April 2005 assets totalling over BGN 900m (EUR 459.62m), an earlier report noted.

Source: De Standaard

EIBank je poznata kanta od banke. Bilo kako bilo, trenutni je market cap oko €505 miliona, dok je realna cena mozda oko €300 miliona plafon.

Ipak, KBC su poznati degenerici i do sada su sve shto su platili, platili kroz nos. Ovoga puta imaju i glupe savetnike (Morgan Stanley), tako da ce verovatno cena biti u skladu sa okolnostima = glupa.

Pratimo pazljivo dalji razvoj dogadjaja...

22/09/2007 Erste Bank merger with Raiffeisen International not very sensible in long term

Erste Bank, the listed Austrian bank, does not believe a merger with listed local rival Raiffeisen International (RI) is a sensible move, Der Standard reported.

Andreas Treichl, chief executive at Erste Bank, acknowledged in a lengthy interview with the Austrian daily that such a merger would be a "funny idea", but pointed out that the move would not make a lot of sense in the long term. Furthermore, Treichl reaffirmed in the article that Erste Bank will certainly not be taken over against the will of the Erste Bank management.

Erste Bank has a market cap of EUR 16.921bn.

Source: Der Standard

Matt ako imas pri ruci podatke o trzisnoj kapitalizaciji OTP-a na Budapest stock exchange kao i o PB-u... Ako ne nista potrazicu posle

milos86 ::

Matt ako imas pri ruci podatke o trzisnoj kapitalizaciji OTP-a na Budapest stock exchange kao i o PB-u... Ako ne nista potrazicu posle

EUR 10.3 billion

P/BV = 3.07x (1H07)
P/E = 12.7x (FY07E)

;) ;) ;)

Alpha Bank (Greece), Eurobank EFG (Greece) = top picks! ;) ;)

A kolike prihode ima? Manje nego Aik? Aik je za ovo ko Amsterdam za Beograd :wave1:

milos86 ::

A kolike prihode ima? Manje nego Aik? Aik je za ovo ko Amsterdam za Beograd :wave1:

Ja mislim da je bolja aproximacija:

AIK = Chibutkovica
OTP = San Francisco

:flower1:

Ako puste i ove godine trinaestu mogu da se slozim do pola!
Taman da se pojachaju pozicije u Aik-u :)
Ponovo OTP Srbija pokriva manje nego Aik :sunny:

Motriti shta ce Cvetkovic sutra reci ;) ;) ;)


26.09.2007.

Цветковић учествује на конференцији "Креативно банкарство"
Министар финансија у Влади Републике Србије Мирко Цветковић учествоваће као специјални гост на Четвртој Рајфајзен привредној конференцији "Креативно банкарство", која ће се одржати у среду, 26. септембра, у 9.15 часова, у хотелу "Хајат".

Цветковић ће на овој конференцији говорити о активностима Министарства финансија у области банкарског сектора у Србији.

Matthew Greenburgh ::

Matthew Greenburgh ::

19/09/2007 EIBank receives offers from KBC and from La Caixa - report

Economic and Investment Bank (EIBank), a listed Bulgarian bank, is negotiating a takeover offer from Belgian bank and insurance group KBC, and Spanish bank La Caixa. This was reported by de Standaard, citing several unnamed sources, that said that both KBC and La Caixa have made an offer for a majority holding in EIB.

EIB was up 11% on this news and the Bulgarian owners of EIB are thought likely to make a decision over these offers next week.

EIBank is Bulgaria's ninth biggest bank, with end-April 2005 assets totalling over BGN 900m (EUR 459.62m), an earlier report noted.

Source: De Standaard

EIBank je poznata kanta od banke. Bilo kako bilo, trenutni je market cap oko €505 miliona, dok je realna cena mozda oko €300 miliona plafon.

Ipak, KBC su poznati degenerici i do sada su sve shto su platili, platili kroz nos. Ovoga puta imaju i glupe savetnike (Morgan Stanley), tako da ce verovatno cena biti u skladu sa okolnostima = glupa.

Pratimo pazljivo dalji razvoj dogadjaja...

Good morning,

After having bought an insurance platform in the country earlier this year, KBC today is proud to announce the acquisition of EIBank, one of the top-7 banks in Bulgaria, providing the opportunity to start developing the bancassurance model in that market.

The newly acquired company's total assets are around 0.7 billion euros and were growing at a 40% CAGR over the last 3 years. Net profit was 15 miilion for 2006 (9 million for 1H07), and has seen a multiple 10 increase over the last 3 years.

KBC will acquire a 75% stake for a total cash consideration of 295 million euros (3.8x 2007 BV) and will also launch a public bid on the 3% free float. The transaction is expected to be closed before the end of the year.

Please find as an attachment the full text of the press release that has been issued. If you have any follow-up questions, please do not hesitate to contact us: Tel. +32 2 429 4051 / E-mail: investor.relations@kbc.com.

Luc Cool
Director of IR

KBC Group
Investor Relations Office

======

Deal vrednuje EIBank na EUR 400 miliona shto je 20% diskont na jucherashnji market cap na Sofia Stock Exchange od EUR 496 miliona.

KBC je josh jednom pokazao da pojma nema da prajsuje dilove na Balkanu! ;) ;) ;) ;)

Slichno neshto ne moze biti iskljucheno i u Srbiji... ;) ;) ;)

Evo interesantnog dokumenta za chitanje:

http://www.nbs.yu/internet/latinica/20/nacrti/zakon_sekjuritizacija.pdf

:) :) ;)

:flower1:

A winner has finally emerged this week in the largest takeover battle in the history of the financial industry, after Barclays finally admitted defeat and withdrew its E62 billion bid for ABN Amro. Barclays and a Royal Bank of Scotland-led consortium have been vying for the Dutch group for the past eight months, which has seen ABN Amro slide to and fro from the hands of the contestants.

Meanwhile, computing giant Dell has revealed plans to cut 250 tech support workers in Tennessee from its payroll, as part of its broader restructuring plan. This follows the group's announcement in May 2007, that it would be seeking to slash around 10% of its workforce in a bid to become more competitive.

In other news, Tate & Lyle Mexico has entered into an agreement to sell its 49% shareholding in Grupo Industrial Azucarero de Occidente, which operates three sugar mills in Mexico, to ED&F Man Holdings, subject to Occidente's majority shareholder's option to acquire 1% of those shares. On completion of the deal, Tate & Lyle will receive a consideration of $93 million.

Matt,
kada bi te neki klijent zamolio za savet... koju bi mu banku s domaćeg tržišta preporučio, (osim tvoje miljenice AGBN )... da ne bude preterano skupa, a da ima perspektivu...
OK. - zavisi za šta mu treba banka... daj bar dve ideje...


:king:


.

Sneki ::

Matt,
kada bi te neki klijent zamolio za savet... koju bi mu banku s domaćeg tržišta preporučio, (osim tvoje miljenice AGBN )... da ne bude preterano skupa, a da ima perspektivu...
OK. - zavisi za šta mu treba banka... daj bar dve ideje...


:king:


.

Uz Agrobanka, Credy izgleda vrlo jeftino... Ne znam. Da vidimo 3Q za sektor, pa da ti kazem.

Matt,
o čemu se ovde radi

Arapi vlasnici RK Beograd?

EM Online

Dubai Financial Group povećala je svoje učešće u Marfin Investment Group i Marfin Popular Bank koji su vlasnici 66,7 posto RK Beograd.

Marfin Investment Group (MIG), grčki investicioni fond u sklopu Marfin Popular Banke, vlasnik je 66,67 odsto Robnih kuća Beograd i pomogao je Veranu pri davanju finansijske garancije za kupovinu RK Beograd za 360 miliona evra.

„Zemljište na kojem se nalaze RK Beograd vredi duplo više, ali lokalni ponuđači nisu imali likvidnost Marfin grupe“, objašnjava jedan od Marfinovih predstavnika zašto su drugi ponuđači pri kupovini RK Beograd bili neuspešni.

“Učvrstili smo prisustvo preko Laiki banke, koja će se ubuduće zvati Marfin Srbija, a MIG je ’bacio oko’ i na druge banke u Srbiji”, dodao je izvor, ne precizirajući koje su banke u pitanju.

Matt, jel znaš nešto o Ovom likovima...?

Sneki ::

Matt, jel znaš nešto o Ovom likovima...?

Znam...

pa, reci...

Sneki ::

pa, reci...

Pa shta te zanima? Veliki private equity fond koji investira u region... Mislim da ih ne zanimaju mnogo banke sad posle RKB transakcije... MPB ce krene da otvara expo na top mestima u tim prostorima... Nema razloga da troshe milione evra na neku od preostalih banaka.

Ovaj chlanak gore nije tachan u nekim materijalnim chinjenicama...

Prema podacima za treći kvartal 2007, dve banke zajedno imaju učešće od 13,5 odsto u ukupnim kreditima korporativnim klijentima i 17,9 odsto u ukupnim depozitima.
U poslovanja sa stanovništvom, nakon pripajanja Panonske banke, Banca Intesa će imati tržišno učešće od 10,4 odsto u ukupnim kreditima i 14,3 odsto u ukupnim depozitima.
Spajanje Panonske banke i Intese u Srbiji usledilo je nakon integrisanja njihovih matičnih grupacija, italijanskih banaka Intesa i Sanpaolo IMI, koje posluju zajedno od 1. januara 2007. godine pod imenom Inteza Sanpaolo.

A mora da padne jos neko spajanje uskoro da se pravi ovim strancima konkurencija

matt,

sta kazes za ovo?

http://www.kbcmakler.pl/pdf/raporty/_serbianbanks_20071023_EH2JZ.pdf

h



jesu li u pravu?

:cheers: :cheers: :cheers: :cheers: :cheers: :cheers: :cheers: :cheers: :cheers:
:clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:
:sunny: :sunny: :sunny: :sunny: :sunny: :sunny: :sunny: :sunny: :sunny: :sunny: :sunny: To su bre manetni ljudi, pametno zbore, najpametnije, ali odakle??? Chime??? Da mi neko da kredit sa grej perodom od 3 meseca bio mi milioner

Sneki ::

matt,

sta kazes za ovo?

http://www.kbcmakler.pl/pdf/raporty/_serbianbanks_20071023_EH2JZ.pdf

h



jesu li u pravu?

Katastrofa... Prochitao sam... Sramota ko sve sebe naziva analiticharem!!

Koji je to izveshtaj i analiza od tri pasusa na pola strane?? ;) ;) ;)

C C C C

Mora je Sandra dobra riba, kad je ovako katastrofa ANAListkinja

I nije losa da znas.Kao bivsi klijent je licno poznajem . :pig:
Sto se tice analize imaju valjda svoje profesionalne analiticare koji se tim poslom bave po celi dan tako da ne verujem da ce dopustiti obicnoj brokerki da prajsuje pojedine akcije.
Sta kazes za PRBN?Po njima bi to trebalo da padne 65 % !? :eu:

Shpekulant ::

I nije losa da znas.Kao bivsi klijent je licno poznajem . :pig:
Sto se tice analize imaju valjda svoje profesionalne analiticare koji se tim poslom bave po celi dan tako da ne verujem da ce dopustiti obicnoj brokerki da prajsuje pojedine akcije.
Sta kazes za PRBN?Po njima bi to trebalo da padne 65 % !? :eu:

PRBN je dizaster banka, tu se slazem sa njima... U stvari PRBN nije banka, to je jedno nishta... Accelerated greenfield.

Slushaj, ti "profesionalni analitichari" po ceo dan sede i bleje u brojeve koje da jedva razumeju... Ti nisu pipnuli praksu, radili due diligence, pisali kupoprodajne ugovore, itd. -- tu steknesh pravi osecaj o banci, ima li klijenata, kakva je pltaforma, ima li krvi u banci...

AIK-ove trenutne performanse, koje by the way, i nisu ne znam kako briljantne za banku koja ima toliki kapital i na taj nachin izbegava obavezne rezerve, jednostavno nisu odrzive. Banka ISKLJUCHIVO zavisi od biznisa koji joj donose tajkuni, chiji kapital inache napushta Srbiju, a oni polako rasprodaju svoje akcije. Mislim da nijedna banka nema toliko jednokratnih prihoda kao AIK, a o cost/income ratio od 17% da i ne govorim -- to jednostavno ne moze da traje.

Realno, AIK je izmedju 7.5k i 8k i to mu je cena. Kad razvije mrezu i poboljsha leverage, onda mozemo da prichamo, ovako -- nema nishta od te banke.

Na stranu shto znam na kakve su sumnjive poslove AIK likovi spremni -- pola balance sheet-a poslednji put kad sam ih gledao su bili back-to-back kreditni aranzmani sa povezanim licima. Jebesh takvu "banku"...

Slazem se delom u Matovim komentarima na poslovanje AIK banke. Mislim da je mreza ekspozitura na dosta niskom nivou, ali takodje smatram da je to uvideo i sam menadzment. Licno sam cuo najave otvaranja novih ekspozitura u Novom Sadu i sirenja mreze u narednoj godini. Tajkunske pare ce jos uvek biti aktuelne po meni, jer se zemlja sporo razvija i tesko oslobadja balasta nekih stvari i dogadjaja. :indijanac:

BojanNS ::

Slazem se delom u Matovim komentarima na poslovanje AIK banke. Mislim da je mreza ekspozitura na dosta niskom nivou, ali takodje smatram da je to uvideo i sam menadzment. Licno sam cuo najave otvaranja novih ekspozitura u Novom Sadu i sirenja mreze u narednoj godini. Tajkunske pare ce jos uvek biti aktuelne po meni, jer se zemlja sporo razvija i tesko oslobadja balasta nekih stvari i dogadjaja. :indijanac:

Da, a povecanje mreze neminovno vodi do povecanja operativnih rashoda, tako da operativne performanse banke mogu samo da se pogorshavaju vremenom

OK, ali filijala i dve ekspoziture je malo za grad poput Novog Sada.