BSCH will acquire 40% of the Champalimaud holding company, which has shareholdings in major companies in Portugal in the area of insurance (Mundial Confiança), retail banking (Banco Pinto e Sotto Mayor-BPSM), Banco Totta Açores-BTA) and Crédito Predial Portugues), and in wholesale banking. At the same time, Champalimaud will acquire 1.6% of BSCH, in exchange for the 40% of its holding company. In the area of retail banking, the agreement also involves BPSM taking a 48% stake in Grupo Santander Central Hispano in Portugal and 20% of the BSCH subsidiary in Brazil, as a result of which Grupo Champalimaud will make its entry to the Brazilian market. In wholesale banking activities, the two partners will set up a jointly owned holding company, controlling their respective activities in Portugal.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.