This week in BFS: TCS to acquire Postbank from Deutsche Bank

Merger and Acquisitions
SVB Financial to buy Boston Private for $900m
The commercial banking firm is using a mixture of cash and stock to acquire the RIA and trust company. Read More>>
Access Bank completes acquisition of Zambian bank

With this acquisition, Access Bank Zambia will emerge as a stronger and well-capitalised banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market. Read More>>
Sun Life wraps up majority acquisition of Crescent Capital Group
Crescent’s equity holders will retain carried interests in existing funds along with certain assets and their respective economics. Read More>>
TCS to acquire 100% shares of Postbank Systems from Deutsche Bank
The deal will further add to TCS’ scale in Germany and strengthen its growth outlook. Read More>>

Partnerships
PIMCO, Man Group, IHS Markit, State Street, Microsoft and McKinsey join forces on new asset management operating platform
The company selected Microsoft as its technology platform provider to empower HUB to develop its asset management operating platform on Microsoft Azure cloud. Read More>>
AxiomSL partners with Carlyle Square Consultancy in Saudi Arabia

Carlyle Square Consultancy will support AxiomSL’s financial services clients with a focus on banks, business development and networking in Saudi Arabia. Read More>>

Goldman Sachs forms strategic relationship with Trumid following rapid growth

The investment bank will offer liquidity to its institutional clients through the Trumid platform’s network and will join its advisory committee to aid product development. Read More>>

RAKBANK and Invoice Bazaar renew partnership to offer financial solutions to SMEs

The renewed partnership will offer unique financial solutions to e-commerce traders with a comprehensive suite of banking services, short-term working capital loans, cloud-based accounting solutions, and instant access to RAKBANK SMEsouk portal. Read More>>
Long-term partnership for Bpost Bank with BNP Paribas Fortis

The purchase price will be calculated based on the IFRS net asset value at time of closing and is expected to range between EUR 100 – 120 million. Read More>>

Executive Movement
Goldman Sachs names new co-heads Sam Britton, Matt Gibson for TMT group
Britton, a seasoned tech banker who has spent over 24 years at Goldman, has led some of the largest software deals in history, including Slack’s $27.7 billion sale to Salesforce and IBM’s $34 billion purchase of Red Hat. Read More>>
Sophie Van Oosterom joins as Schroders’ Global Head of Real Estate

Sophie was most recently CEO and CIO of EMEA for CBRE Global Investors, responsible for the oversight of all operations and investment strategy. Read More>>
State Street brings on J.P. Morgan executive for asset owners’ role

Benjie Fraser was managing director and global pensions executive at J.P. Morgan Chase & Co.’s securities services business. Read More>>

Deals and Deal Renewal
Mastercard’s Finicity signs data access agreement with Brex

Under the deal, Finicity will extend its leadership in direct data access using an application programming interface (API) to FinTechs as data stewards. Read More>>
Euronet Worldwide Inc., purchases Bank of Ireland’s entire fleet of non-branch automatic teller machines

This deal is part of Euronet’s plan to consolidate ATMs in response to other measures by other banks that are in the process of reviewing their ATM networks to infuse operational efficiency. Read More>>
Morgan Stanley provides tax equity financing to solar developer Sunpin

This financing enables Sunpin to efficiently provide clean energy to 34,000 customers in Southern California. Read More>>
Wells Fargo announces termination of AML-related consent order

With this termination, Wells Fargo has established that building the right risk and control infrastructure and remediating its legacy issues remain its top priorities. Read More>>

Product Launch and Feature Updates
Green Dot Corporation (GDOT) announces launch of mobile bank

The FDIC-insured mobile application-based bank features low or no monthly fees and $200 overdraft protection. Read More>>
DNA Payments launches new Pay by Bank app powered by Mastercard

With Pay by Bank app, there is no need for consumers to enter their bank details when they look to purchase a product or pay for a service on their website online. Read More>>
PayPal announces new check-cashing feature for Venmo customers

The new check cashing capability allows those chosen users to get their funds into the Venmo system within minutes following a very brief review by the company. Read More>>

Headlines From The Startup World

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Latest Insights & Reports

KeyBank Account Intelligence Report KeyBank focuses on digital banking to create a seamless consumer journey by connecting online and offline systems.Click here to read more

Manulife Financial Corporation Account Intelligence Report Cognizant and Accenture are the key outsourcing partners for Manulife Financial Corporation. Click here to read more

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