Here’s a list of 10 significant mergers and acquisitions (M&A) in the banking sector in the last decade, along with brief descriptions:
- BB&T Corporation’s acquisition of SunTrust Banks, Inc. (2019):
- BB&T Corporation acquired SunTrust Banks, Inc. in a $28.24 billion all-stock deal, forming Truist Financial Corporation. This merger created the sixth-largest U.S. bank by assets.
- Mitsubishi UFJ Financial Group’s acquisition of Bank of America Merrill Lynch (2013):
- Mitsubishi UFJ Financial Group (MUFG) acquired a 20% stake in Bank of America Merrill Lynch for $9 billion. This investment strengthened MUFG’s presence in global markets and enhanced its investment banking capabilities.
- Capital One Financial Corp’s acquisition of ING Direct USA (2012):
- Capital One Financial Corp acquired ING Direct USA for $9 billion, expanding its presence in the online banking sector and increasing its customer base.
- Comerica Inc.’s acquisition of Sterling Bancshares Inc. (2011):
- Comerica Inc. acquired Sterling Bancshares Inc. for approximately $1.03 billion, expanding its footprint in Texas and strengthening its position in the region.
- HSBC Holdings plc’s acquisition of Banco Bamerindus do Brasil S.A. (2019):
- HSBC Holdings plc acquired Banco Bamerindus do Brasil S.A. for an undisclosed amount, enhancing its presence in Brazil and expanding its services in the Latin American market.
- BNP Paribas SA’s acquisition of Bank of the West (2015):
- BNP Paribas SA acquired the remaining stake in Bank of the West for $3.5 billion, consolidating its operations in the United States and strengthening its position in the Western region.
- PNC Financial Services Group’s acquisition of National City Corporation (2008):
- PNC Financial Services Group acquired National City Corporation for $5.6 billion, expanding its presence in the Midwest and becoming one of the largest banks in the United States.
- Toronto-Dominion Bank’s acquisition of Chrysler Financial (2011):
- Toronto-Dominion Bank acquired Chrysler Financial for $6.3 billion, expanding its presence in the auto lending industry and diversifying its revenue streams.
- KeyCorp’s acquisition of First Niagara Financial Group (2016):
- KeyCorp acquired First Niagara Financial Group for $4.1 billion, expanding its footprint in the Northeastern United States and increasing its assets and customer base.
- Royal Bank of Canada’s acquisition of City National Corporation (2015):
- Royal Bank of Canada acquired City National Corporation for $5.4 billion, expanding its presence in the United States and enhancing its wealth management and private banking services.
These acquisitions have significantly impacted the banking landscape, reshaping market dynamics and altering the competitive landscape within the sector.
Key Takeaways