Banking and Credit Bulletin | 23 November 2023

M&A – Tesco begins market sounding for Tesco Bank (Mergermarket)

ECM – Nova Credit raises $45m Series C round for open finance expansion (Altfi)

SFABS (senior facility) – Lender TAB lands £300m secured facility from NatWest (Altfi)

ECM – Atom takes valuation hit as it raises £100mn in new equity valuing the bank at £362m (ft)

SFABS (SRT) – Santander places synthetic UK auto loan ABS (debtwire)

ECM – Tandem Bank co-founders launch ‘Prosper’ with £3.2m, aiming to reshape wealth management (Altfi)

ECM – Zilch, a London-based BNPL payment platform, scores deal with eBay and holds $2bn valuation (Altfi)

Credit – Metro Bank holds talks for £3bn mortgage book sale (ft)

Banking – Banco Montepio reports a 3Q2023 Recurring Net Income of €94.9m (+296% y-o-y) (Banco Montepio)

Banking – CGD announces a 3Q2023 Net Income of €987m (+43% y-o-y) (CGD)

Banking – Banco de Portugal imposes a 4% capital reserve for for systemic sector risk against residential mortgage loans (Banco de Portugal)

M&A – Abanca acquires 100% of Eurobic for €305m with closing expected by June 2024 (Jornal Económico)

M&A – Finance Ireland Auto Receivables No. 1 prices (Debtwire)

Loan sale – Fire Group acquires a NPL/UtP secured retail portfolio with a GBV of €19.5m via Claudio SPV (Debtwire)

M&A – Deutsche Bank completes acquisition of London based investment bank Numis (DB)

Credit – NordLB reported to consider the sale of its €3bn aviation portfolio (Bloomberg)

M&A – Barclays German retail business is reported to attract interest from both PE and bank investors (finanz-szene)

M&A – Pollen Street plans major consolidation post-acquisition of multiple German businesses in the wealth-tech space (White&Case, finanz-szene)

Credit – New domestic CRE business fell by an average of 25% year-on-year to €13.9bn in H1 2023, as reported by twelve German providers (finanz-szene)

M&A – Hanseatic Bank’s majority shareholder, Société Générale, is considering selling off its 75% stake as reported by Bloomberg (Bloomberg)