Global M&A themes 2019 · • A steepening yield curve, continued strong economic fundamentals,...

Global M&A themes 2019

Banking & Capital Markets

Global M&A themes 2019

Banking & Capital Markets

Methodology• This publication is based on the analysis of ThomsonONE.com and Mergermarket M&A data.

• We included selected additional transactions that were not in the databases.

• Deals include transactions (announced or completed) in which the target is in the banking sector.

• Deals in which less than 20% (disclosed) of the company was acquired have been excluded from this analysis.

• Equity investments were included.

• JVs were not included.

• There is no minimum disclosed value deal threshold.

• The information and opinions contained in this document are derived from public and private sources is believed to be reliable and accurate but which, without further investigation, cannot be warranted as to their accuracy, completeness or correctness. This information is supplied on the condition that the EY, its member firms, or any leader or professional of any thereof are not liable for any error or inaccuracy contained herein, whether negligently caused or otherwise, or for loss or damage suffered by any person due to such error, omission or inaccuracy as a result of such supply.

Contents

Global M&A themes 2019: Banking & Capital Markets

Foreword 3Global banking deal activity — 2018 4Global deal flows 6Insights from EY Global Capital Confidence Barometer 7Americas M&A year in review 8 M&A outlook 2019 9Europe M&A year in review 11 M&A outlook 2019 12Asia–Pacific M&A year in review 14 M&A outlook 2019 15EY advantage 17Contacts 18

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Charlie Alexander EY Global Banking & Capital Markets Transactions Leader London [email protected]

Foreword

Welcome to the 2019 edition of the EY Global M&A themes: Banking & Capital Markets. This report reviews 2018 M&A activity across the banking sector, examines forward–looking confidence levels and related drivers from the latest EY Global Capital Confidence Barometer, and dives into the three main global markets (Americas, Europe and Asia–Pacific) to provide our outlook on the drivers of M&A in 2019.

After a slowdown in the M&A activity during 2017, global banking sector M&A volume and value increased by 16% and 19% respectively in 2018. This growth was underpinned by robust deal activity in the US and across Asia–Pacific, and a significant increase in the number of mega deals (greater than US$1b). Consolidation within the payments segment and investment in technology–led businesses have been strong drivers of deal activity in 2018. The banking sector’s search for new growth areas, continued technological disruption and regulatory changes across regions will drive future M&A activity. Sector convergence is also a key theme that we are closely watching as e–commerce, mobility, telecom and technology companies extend their product reach into financial services.

According to the latest EY Global Capital Confidence Barometer, banking executives expect to see M&A activity to continue at elevated levels, with 53% expecting to actively pursue acquisitions in the next year. Deal–making is the fastest route to new markets, so there’s little surprise that 27% of banking and capital markets (BCM) respondents cite market entry as the foremost M&A driver. We will see consolidation at the regional level as regulation and political uncertainty pose a threat to cross–border deal–making. Private equity (PE) buyers with significant levels of dry powder will continue to scout for assets in payments, digital lending, FinTech and noncore assets, and will give stiff competition to trade buyers.

The start of 2019 has raised geopolitical and economic growth concerns. Nevertheless, there has been a strong start to 2019 with three megadeals — SunTrust Banks and BB&T (US$28b), Fiserv and FirstData (US$22b), and FIS and WorldPay (US$35b) announced in early 2019. Institutions will continue to look for opportunities to grow, scale up, acquire new capabilities and improve digital offerings. While regulatory and political questions remain, the factors driving M&A in the sector are strong and should support deal–making for the foreseeable future.

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19% 16%

103

49 43 54

2015 2016 2017 2018

467333 350 370

2015 2016 2017 2018

Value (US$b) Volume

68 58 45 39

2015 2016 2017 2018

310262

176 209

2015 2016 2017 2018

52 40

15 31

2015 2016 2017 2018

206 192139

187

2015 2016 2017 2018

Americas

Europe

Asia-Pacific

Global banking deal activity — 2018

792 deals

Largest BCM deals by disclosed value

US$129b deal value

increase in the value of deals compared with 2017

increase in the number of deals compared with 2017

NEX Group acquired by CME

Group US

US$5,712m

Blackhawk Network Holdings acquired by Silver Lake, P2 Capital Partners

US

US$3,500m

VeriFone Systems acquired by Investor

Group US

US$2,687m

MB Financial acquired by Fifth Third Bancorp

US

US$4,617m

FCB Financial Holdings acquired by Synovus Financial

US

US$2,854m

UK

USChina

IndiaSaudi Arabia

Turkey

Switzerland

SIX Payment Services acquired by

Worldline France

US$2,890m

Denizbank acquired by Emirates NBD Bank

UAE

US$3,194m

Alawwal Bank acquired by Saudi

British Bank Saudi Arabia

US$4,954m

IDBI Bank (68.4%) acquired by

Life Insurance Corporation of India

India

US$4,432m

GE Capital’s Energy Financial Services

business acquired by Starwood Property

Trust US

US$2,560m

4


Americas Middle East and AfricaEurope Asia-Pacific

42%

40%

30%

46%

40%

32%

40%

30%

42%

36%

30%

31%

48%

42%

24%

14%

25%

23%

26%

20%

11%

5%

4%

10%

2%

3%

1%

7%

2018

2017

2016

2015

2014

2013

2012 150

138

128

227

163

108

129

1,280

Americas Middle East and AfricaEurope Asia-Pacific

47%

51%

40%

46%

44%

48%

45%

26%

26%

32%

30%

30%

30%

27%

24%

20%

23%

20%

21%

20%

24%

3%

2%

5%

4%

5%

2%

4%

2018

2017

2016

2015

2014

2013

2012 1,247

1,091

1,023

826

682

792

Deal value (US$b)

Deal volume

Number of deals greater than US$1b Mid–market deals (US$500–US$1b)

29

2014

41

2015

41

2016

28

2017

35

2018

31

2014

26

2015

14

2016

23

2017

29

20185


Global deal flows

Geopolitical risks and trade issues did not dampen the cross–border deal activity much in 2018, though it might weigh on in 2019.

Americas

Europe

Asia-Pacific

Middle East and Africa

2.3

14.8

1.4

0.2

0.7

3.2

0.1

US 76%

UAE 14%

UK 29%

France 6%

Turkey 14%

Sweden 10%

Key takeaways

• The value of cross–border deal activity declined by 6% in 2018, underlined by absence of large outbound deals from Asia.

• Payments and sale of non–performing loans (NPLs) dominated the cross–border transactions:

• US–based CME Group’s acquisition of UK–based brokerage firm, NEX Group, was the largest cross–border deal in 2018, valued at US$5.7b.

• In payments, the acquisition of i–Zettle by PayPal for US$2.2b was the largest cross–border transaction.

• Large US–based private equity firms are active investors in noncore assets and NPLs in Europe.

Top acquiring nations: cross-border deal activity (by value)

Cross–border deal activity (US$b)

Top investment destinations: cross-border deal activity (by value)

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Insights from the EY Global Capital Confidence Barometer

M&A appetite returns to BCM companies as deal intentions reach their highest levels in three years.

M&A outlook BCM executives expect to pursue deals as a way to enter markets, consolidate regionally and improve digital offerings.

67%

see the M&A market improving.

53%

intend to actively pursue deals in the months ahead.

27% cite market entry as the foremost M&A driver.

Deal-making dynamics Regionally, consolidation deals are expected to dominate, although global megadeals remain unlikely in the short term.

56%

say they expect to close more deals in the coming year than they did in the previous year.

85%

are willing to walk away if the deal isn’t right.

52% indicate that regulation and political uncertainty pose the biggest potential risk to deal-making in the next 12 month.

Portfolio strategy Disruptive forces, pressure from investors and geopolitical uncertainty are driving companies to step up their portfolio reviews.

73%

say they review their portfolios at least every six months.

70%

have identified underperforming or disruption-prone assets ripe for divestment.

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Americas: M&A year in review

2018 highlights

Deal value (US$b)

Largest BCM deals by disclosed value in 2018

Deal volume

26% increase in deal value compared with 2017

6% increase in deal volume compared with 2017

US$17.7b of outbound deals originating in the Americas in 2018

60

2012

44

2013

52

2014

103

2015

49

2016

43

2017

54

2018

565

2012

520

2013

561

2014

467

2015

333

2016

350

2017

370

2018

US$5,712m

MB Financial acquired by Fifth Third

Bancorp US

Deal rationale: business diversification

US$4,617m

Blackhawk Network Holdings acquired by Silver Lake, P2 Capital Partners

US

Deal rationale: PE investment

US$3,500m

FCB Financial Holdings acquired by Synovus Financial

US

Deal rationale: regional expansion

US$2,854m

Verifone Systems acquired by Investor

Group US


US$2,687m

General Electric Capital’s Energy

Financial Services business acquired by Starwood Property

Trust US

Deal rationale: noncore deleveraging

US$2,560m

US

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Americas M&A: year in review

Growth momentum for retail banks• After many years of focusing on regulatory compliance and reshaping their business models, banks have

pivoted back toward growth.

• Inorganic growth will be focused on opportunities to grow market share, diversify business mix and geography, secure new sources of funding, and increase scale to offset compliance and technology spend.

• Returns are beginning to exceed banks’ cost of equity, as higher profitability, greater return of capital and market perception of reduced risk has narrowed the differential.

• A steepening yield curve, continued strong economic fundamentals, accelerated loan growth and M&A are the key catalysts for upward valuations, with investors watching closely if earnings momentum can continue.

M&A is expected to continue to accelerate• The landscape for bank M&A is rapidly changing, with acceleration driven by investor receptivity to value

creating merger of equals (MOEs), continued regulatory relief, increased competition for loans and deposits, and need for scale and technological innovation.

• Larger deals are expected to proliferate following the announcement of BB&T and SunTrust’s US$28b MOE, the elimination of the $50b systemically important financial institution (SIFI) asset threshold, and greater flexibility for capital redeployment given tax reform, increased Comprehensive Capital Analysis and Review (CCAR) transparency, and revisions to capital and liquidity requirements for large-sized banks.

• Headwinds continue for many midsized and smaller institutions, providing the opportunity to sell at what may be peak earnings in the current cycle.

Rate of investment in technology to accelerate• Large US commercial banks have the resources to push the digital transformation and are investing in new

technologies to reach wider group of customers, transform customer experience and gain efficiencies across the value chain.

• Across the board, investments are not only being made to transform the legacy infrastructure, but also in innovation labs, developer portals and carving out of new digital–only platforms for banking and lending.

• Given the backdrop of intense competition from big techs and continued disruption, incumbents are expected to increase investment and partner with FinTechs.

• We expect banks, including less digital–savvy mid–tier banks, to actively scout for partners and attractive targets in the digital space to counter the threat of obsolescence. The need for survival in this era of disruption can also drive consolidation among the regional banks.

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Americas: M&A outlook 2019

FinTech activity to center around three broad trends in 2019• Ripple effects — The early part of 2019 saw two significant transactions announced that will create ripple

effects across banking and FinTech. The US$22b merger between Fiserv and First Data announced in mid-January is likely to spur on additional consolidation activity and repositioning among merchant processing, debit processing, and issuer processing competitors. Not to be outdone, BB&T announced the acquisition of SunTrust bank in early February, a US$28b transaction that creates the nation’s sixth largest bank. Not surprisingly, a common theme in both transactions was the desire to drive more effective and efficient technology spend and innovation.

• Consumer and commercial mash-up — Over the last few years, we’ve seen an increasing interest in B2B payments. Cases in point are: Worldpay’s acquisition of Paymetric and First Data’s acquisition of CardConnect. Earlier this year, Chase announced it was merging its SMB payments business (merchant processing) with its treasury services businesses, under the umbrella of wholesale payments (which already included trade finance and commercial cards). We should continue to see the mash-up of retail and commercial payments driving not just organic reconfigurations but also direct investment and M&A activity.

• Banking-as-a-Service — If 2018 was the year when open banking became a reality in many markets, 2019 is the year where the banking-as-a-service will blossom as a formidable business model. Significant investment dollars have been deployed in both neo-banks and platform technology companies that enable digital financial services. In 2019, we expect that investment activity to continue as local players build out their digital footprint and fund both organic and inorganic new market entry.

Specialty finance M&A will continue to thrive• The appetite of specialty finance transactions is strong and is expected to increase as quality assets are

identified and valuations normalize.

• Relatively strong US economy, low interest rates outside the US and overall uncertainty in Europe primarily because of Brexit are some of the factors driving foreign players to acquire specialty finance assets in the US.

• Banks are expected to become strong buyers of finance companies because of their advantage of a lower cost of capital. PE buyers, though interested in the sector, are limited by the higher valuations in the sector.

• Given the recent regulatory environment easing on the banks in 2017, specialty finance companies are seeing banks interested in offering lower interest rates in order to acquire market share from these nonbank lenders.

Exploring growth opportunities abroad• The year 2018 witnessed some of the large cross–border deals with targets outside the US, including CME–

NEX transaction (US$5.7b) and PayPal’s acquisition of Sweden–based iZettle for US$2.2b.

• The strengthening of the US economy, benefits from tax reforms and uncertainty in Europe imply that large US trade and private equity buyers will continue to search for lucrative assets overseas.

• However, the inbound large strategic deals from Europe or Asia will continue to be evasive because of geopolitical uncertainty and strong competition from US–based acquirers.

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2018 highlights

Deal value (US$b)


Deal volume

13% decline in deal value compared with 2017


$18.2b of inbound deals into Europe in 2018

Europe M&A: year in review

63

2012

66

2013

39

2014

68

2015

58

2016

45

2017

39

2018

337

2012

332

2013

383

2014

310

2015

262

2016

176

2017

209

2018

NEX Group acquired by CME Group

US

Deal rationale: geographic expansion

US$5,712m

SIX Payment Services acquired by

Worldline France

Deal rationale: industry consolidation

US$2,890m

iZettle by PayPal US

Deal rationale: geographic expansion

US$2,200m

UK

Turkey

Switzerland

Sweden

Virgin Money Holdings by CYBG

UK

Deal rationale: industry consolidation

US$2,217m

Denizbank acquired by Emirates NBD Bank

UAE

Deal rationale: business

diversification

US$3,194m

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Europe: M&A outlook 2019

Sustained loan portfolio sales activity • Investor interest in NPLs was strong in 2018 with a total €219b of gross book value of NPLs traded in Europe.

We expect further deleveraging by European banks in 2019 as banks intensify their focus on cleaning up their balance sheets and improving margins. According to the European Banking Authority (EBA), banks still have €714b of NPLs at the end of Q3 2018.

• EBA guidelines published in October 2018 on the management of NPLs and forborne exposures introduced a threshold of 5% of gross NPL ratio as a trigger for developing non–performing exposure (NPE) strategies. The guidelines, which apply from June 2019, are expected to further push the sale of NPLs as holding such loans will become costlier for banks.

• Alternative asset managers and credit funds of the PE houses will dominate the buyer landscape with significant investment expected from US–based buyers.

• Activity is expected to be concentrated in Italy and Spain, given regulatory efforts to improve asset quality.

Continued deal making in payments• Payments M&A activity is expected to remain robust this year largely driven by payment service providers

(PSPs) broadening product portfolios, rise in electronic and digital payments, and investing to deliver consumer’s expectation of seamless omni–channel experience.

• Access to new digital technology, fraud mitigation and compliance capabilities, and regulatory reforms, such as Open Banking and Payment Service Directive (PSD2), will further drive deal activity in payments.

• Global trade buyers looking for economies of scale and opportunity to diversify product offerings will provide stiff competition to domestic strategic players.

• High growth prospects of the payments industry and its ability to create value for stakeholders will continue to attract PE buyers to the industry.

Digital–led partnerships and investments• After a decade of restructuring, banks in Europe are focusing on growth, and actively seeking investments and

partnerships with FinTechs to gain efficiencies and improve profitability.

• A large number of banks have launched corporate VC funds to make strategic investments in early stage companies. Corporate accelerator and incubator programs are other means by which banks are engaging with FinTechs. However, outright acquisitions of FinTech companies is expected to remain low in the short term.

• FinTech banking disruptors with impressive technology but low-scale operations could become opportunities for broader consolidation.

• A slew of new regulations that came into effect in 2018, such as PSD2, Markets in Financial Instruments Directive (MiFID II), Open Banking (UK) and General Data Protection Regulation (GDPR), have increased demand for regtech solutions.

• In response to the success of digital–only banks in Europe, incumbents are making investments in their own digital platforms.

12


Europe: M&A outlook 2019

Consolidation in Central and Eastern Europe (CEE) region• Banks in CEE are reporting increased profitability and improved asset quality against a backdrop of strong

economic growth, improvement in the labor market and increasing lending activity.

• Banks in the region are also investing heavily in digital capabilities. However, the market remains highly fragmented with a large number of banks per capita. Improving capital ratios and favorable macro conditions in the region will lead to consolidation of smaller banks.

• Asset quality in the region is improving. However, the sale of legacy NPLs will continue. As in the past, PE players are expected to be active acquirers.

• Regional M&A consolidation will arise with PE competing with and working with regional players.

Challenger consolidation in the UK• The CYBG bank acquisition of Virgin Money for US$2.2b could be the beginning of challenger bank

consolidation in the UK. Valuation multiples for some challenger banks remain below pre–referendum levels. This issue coupled with macroeconomic headwinds, and the need for capital to scale and to digitalize, and improve shareholders’ return could increase the push toward consolidation.

• A number of larger challenger banks are backed by PE owners. PE players could consider consolidation if the shareholder return improves.

• Specialist players also see consolidation opportunities to diversify their business models.

Specialty and consumer finance M&A to remain strong• The specialty finance segment has become increasingly competitive and is attracting interest from both trade

buyers and PE firms.

• Big banks have retrenched from higher risk categories and unsecured loans, creating an opportunity for well–run and well–capitalized independents who can successfully price for risk in volatile economic conditions.

• Cost of funding has increased. As securitization costs are up, many have started taking deposits to offset costs. However, we expect liquidity to remain higher than precrisis levels.

• These factors will drive consolidation, which will support economies of scale and preserve shareholder value.

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2018 highlights

Deal value (US$b)


Deal volume

107% increase in deal value compared with 2017


US$2.4b of inbound deals into Asia–Pacific in 2018

Du Xiaoman Financial (58%) acquired by

consortium


US$1,900m

NCF Wealth Holdings acquired by Hunter

Maritime (BVI) China

Deal rationale: business combination

US$2,527m

Beijing JD Finance Technology Holding acquired by CITIC

Securities Hong Kong

Deal rationale: fund-raising

US$1,949m

ChinaIndia

17

2012

27

2013

33

2014

52

2015

40

2016

15

2017

31

2018

295

2012

214

2013

274

2014

206

2015

192

2016

139

2017

187

2018

Asia–Pacific M&A: year in review

IDBI Bank (68.4%) acquired by

Life Insurance Corporation of India

India

Deal rationale: capital infusion

US$4,432m

Eclipx Group acquired by McMillan

Shakespeare Australia

Deal rationale: business combination

US$1,768m

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Asia–Pacific: M&A outlook 2019

Changing dynamics of foreign investments• Foreign banks and insurers continue to review and rebalance their portfolios in Asia. The strongest demand

comes from large Asian strategic banks and insurers, particularly Japanese, Korean and Chinese, having keen interest in emerging markets with large populations and growing discretionary spending. For example, SMBC announced that it would use its expected US$12b capital surplus to acquire full–service commercial banks around Asia.

• Western banks are looking to re–enter investment banking and wealth management businesses. Insurers (life and nonlife) will continue to buy and sell operations at the individual market level.

• There is an increase in JVs and coinvestments in markets where 100% foreign holdings are difficult to achieve in practice or where local expertise is needed.

FinTech and digital investments• Chinese FinTech companies have expanded aggressively in the Southeast Asia market. Lufax has entered

Singapore, and KKR and Tencent have made investments in Philippines. We expect further expansion in the region following successful capital raisings in 2018. Key interest areas include payments, credit analytics and online lending platforms, mobile wallets, and cloud technology.

• In the coming year, we expect Chinese FinTech companies to more closely examine opportunities for expansion in Africa and Europe.

• Banks in Asia will continue to face strong competition from a range of platform companies in adjacent industries (mobility, e-commerce , ride hailing and large tech) that are expected to invest heavily in financial services across the region.

• Banks in the region will utilize alliances and investments to bolster innovation and increase their investment in digital and mobile capabilities.

• The Hong Kong Monetary Authority (HKMA) is expected to issue its first set of licenses for virtual banks. Tech giants including Tencent, Ant Financial and Xiaomi have applied for the license. These banks are expected to use Hong Kong as a base to expand regionally. These new entrants will seek partnerships for technology and distribution to compete against large and well–established players in Hong Kong.

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Asia–Pacific: M&A outlook 2019

Noncore and non–performing assets• Australian banks and insurers will continue to focus on core business units, streamlining operations through

noncore disposals and public offerings. M&A activity is expected to accelerate post the Banking Royal Commission report though banks have already started the process of evaluating their portfolios.

• In India, the Insolvency and Bankruptcy Code (IBC) passed in 2016 has armed banks to sell off their loans in the event of default, and has provided a strong resolution mechanism to lenders. The new code will help banks to address the issue of huge noncore assets and free up capital for investment and expansion.

• In China, regulatory tightening on bad debt has increased the supply of noncore assets in the market.

Continued difficulties in getting deals doneWe have seen several targets come to market but fail to conclude despite significant buy–side interest. Some fail due to pricing or valuation but there are nonfinancial dynamics to navigate, such as:

• Structuring issues, especially in coinvestment deals

• Shareholder dynamics and disputes

• Regulatory barriers or expected changes, especially where target economics are driven by price controls and political dynamics around trade, foreign direct investments (FDI) and government relationships

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EY advantage

Financial services organization overview

Client value

EY maintains a dedicated financial services organization that has provided excellent services for clients across three of the industry sectors: banking & capital markets, wealth & asset management, and insurance.

Dedicated financial services focus

• EY maintains a team devoted to working exclusively on financial services transactions that brings together all the necessary industry– and transaction–specific competencies required throughout all phases of a deal.

TAS can help you prepare for a transaction from beginning to end to achieve the following key deal objectives.

Preserve and enhance value

• Our teams use deal experience to surface issues that destroy deal value so that they can be addressed protectively.

• Our financial services transactions professionals are able to assist clients in articulating, preserving and capturing shareholder value across all deal types.

• EY financial services integration and separation professionals know how to navigate execution pitfalls that can prolong the deal process or create undue exposures.

Designed to increase deal success

• Our teams use a leading–class integrated approach that combines strategy, financial due diligence, operational due

Knowledgeable financial services professionals with informed transaction methodology and approach

• Our proven transaction professionals are dedicated to the financial services sector and are knowledgeable of industry-specific challenges.

• EY Transaction Advisory Services (TAS) is continually refining our methodology based on industry deal experience that can be adapted to meet specific client needs and accelerate deal execution.

diligence, and integration and separation planning and execution to increase deal success.

• EY teams enhance the client’s internal competencies by applying scalable, repeatable and disciplined approaches to separation and integration processes.

Reduce disruptions and capture deal value

• EY teams assist client in implementing a swift and disciplined approach that allows for the realization of deal synergies through focused planning, prioritization and execution of strategic initiatives.

• Teaming with EY on transactions allows executive management to maintain the necessary focus on running the day–to–day business instead of becoming absorbed in transaction–related commitments.

Collaborative approach to deliver holistic capital strategies

• EY TAS helps clients execute on all aspects of their transaction strategies in their capital life cycle, including raising, optimizing, investing and preserving capital in order to realize growth and profitability goals.

Proven ability to provide excellent services on financial services transactions

• Our teams have advised clients across all financial services sectors in achieving desired business objectives through the execution of various deal types (e.g., M&A, carve–outs, tax–free spins, JVs, IPOs), and these experiences allow us to help others navigate potential pitfalls.

• Additionally, leveraging EY’s depth of transaction competencies frees up capital and resources that EY clients can apply toward other strategic business priorities.

Enhanced credibility

• Our transaction teams support management to be well prepared for deal negotiations by surfacing critical information through rigorous due diligence procedures.

• EY’s proven track record also benefits EY clients by exhibiting to involved counterparties the quality of experience and effort that is being applied to the transaction process.

• EY clients also reap the reputation benefits of completing a well–executed deal.

Global M&A themes 2019: Banking & Capital Markets 17


Contacts

Charlie Alexander EY Global Banking & Capital Markets Transactions Leader London [email protected]

Marc Symons EY Americas Banking & Capital Markets Transactions Leader New York and Los Angeles [email protected]

Erberto Viazzo EY EMEIA Banking & Capital Markets Transactions Leader Milan [email protected]

Stuart Last EY Asia–Pacific Banking & Capital Markets Transactions Leader Singapore [email protected]

EY has a fully dedicated Financial Services Organization specifically designed to broadly address the unique issues of the banking and financial services industry.


AcknowledgmentJames KittEY Americas Banking Transactions Research Analyst

Ankita SrivastavaEY Global Banking Transactions Research Analyst

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Notes

19

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The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

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