Chillin' out till it needs to be funded
While ING and HSBC got out of the US businesses , HSBC still alive in retail banking , the others are finally getting a little possessive about their assets in the US trying not to get disenfranchised from the US markets again with or without bailout cash prerogatives(unlikely to be a condition to leave the US). Deutsche Bank is still looking for a buuyer for Scudder but has probably not had a deal because it was being low balled on the price..( and the suitor ont he deal includes, drumroll please.. JP Mo..) Of course Capital One and GE are enjoying the gap left by the banks leaving in their own way learning to not buy the low credit credit, get it…
And take a look at what s left. HSBC has 300 bank branches in the USA, BNP owns two banks with $77 bln in assets, and
you wouldn’t recognise those names easily, Bank of the West and First Hawaiian, with 650 and 64 branches.
According to the new WSJ find reported in the evening updates, as unlike Allied Irish, Banco Bilbao, Banco Santander and even RBS in The Great Asset Sale Bonanza are not leaving, disappointing North American suitors. Santander’s Soveregn Bank has 700 branches with $75 bln in assets making just more than 5% of its profit in 2011, RBS owns Citizens Financial with $130 bln in assets and 1500 branches in just 12 states , headquartered in RI and Banco Bilbao (BBVA) has 700 branches in just 7 states and $64 bln in assets as BBVA Compass acquired for $9.5 bln in 2007, worth $8 bln now
Santander has sold in LAtAm while RBS has till now sold its Aircraft leasing unit to Japanese Sumitomo Mitsui
It seems bidders for European assets did not bother with RBS’ Citiens Bank which is alive in all the states not down from the Housing crisis.