Tuesday, November 13, 2007

Deloitte Financial Services Industry Consultancy Services - 2


Mergers and Acquisitions Area

September 2007
United States

The Overconfidence Trap
Deloitte Review
Mergers and acquisitions are high-risk propositions under the best of conditions. The challenge is even tougher when the business climate is turbulent and uncertain. It would be comforting to believe that M&A best practices have become so well-documented and widely understood that hard-pressed executives can find the guidance they need by turning to repositories of prevailing wisdom on the subject.

South Africa Corporates competing in the new era of M&A

Globalisation, rising investor activism and the rapid growth of private equity have created a new era of faster, more sophisticated and more competitive merger and acquisition (M&A) activity that will create fresh opportunities but also pose new threats for companies.

June 2007
United States

Heeding the Red Flags: Due Diligence in the Global Marketplace
A Deloitte Insights podcast (29 minutes)

U.S. companies tempted by profitable opportunities in emerging markets beware: The road to a deal can be hazardous. Companies that ignore red flags before signing a contract do so at their peril. This podcast discusses the importance of complying with the Foreign Corrupt Practices Act (FCPA), especially for companies interested in doing merger and acquisition deals in emerging markets.

United States Board Focus on M&A: A closer look at financial services trends for 2007In this Corporate Board Member special supplement, Deloitte joins several other strategic consulting, legal and financial advisory firms to distill the most critical merger and acquisitions (M&A) issues within the financial services industry.

April 2007

Striking the balance between open investment, mergers and acquisitions and national security

In his capacity as chairman of the United States Council for International Business, William G. Parrett, CEO of Deloitte, addressed the BDI G8 Business Summit, a conference organized in preparation for Germany's hosting of this year’s G8 Summit. The focus of Mr. Parrett’s remarks was the need to achieve a balance between national security issues and open access for foreign investors.
European Union Mergers & Acquisitions and the European Banking Landscape: Integration is key
Deloitte has analysed the US mergers and acquisitions (M&A) experience and the European financial services market to identify specific M&A trends, including the removal of barriers and the imperatives of shareholder value creation. This new publication summarises our views on the top ten issues we believe are vital for successful cross-border deals in banking.
Canada Best practices in post-merger integration: Proper integration planning can help a transaction deliver full value
Integration planning is rarely contemplated at the outset of an M&A transaction, but companies embarking on a merger or acquisition should recognize that poor integration planning can lead to harsh results, from weak decision-making to a lost focus on everyday operations. Executives eager to avoid the repercussions of a poorly implemented integration can learn from the experience of two Deloitte practitioners who share their best practices on executing an effective post-merger integration.
Canada How technology affects the value of mergers and acquisitions: Exploring the importance of IT due diligence
Although many organizations understand the importance of conducting financial due diligence when preparing for a successful merger or acquisition, they may not realize that IT due diligence can be of equal importance. In addition to ensuring system compatibility to streamline post-merger integration, IT due diligence is an important step in helping organizations make informed negotiation and pricing decisions.
March 2007
United States Negotiating the Maze: M&A in China
A Deloitte Insights podcast (52 minutes)
China is a magnet for more foreign investment than any other developing economy. Nearly six hundred merger & acquisition deals were completed in China in 2006, a 40 percent increase over 2005. As the Chinese government continues to privatize thousands of state-owned enterprises, the pool of potential takeover targets is expanding rapidly. Companies that had become used to coddling and subsidies are now being forced to compete in a global economy at home and abroad.
Canada Realizing the value of private equity investments: The key is integrated operational due diligence
Deloitte surveyed over 500 global investors from virtually every industry with an active M&A market on the longer-term success of investments made when merger and acquisitions peaked in the late 1990s. Those surveyed deemed that less than a third of all acquisitions had achieved their stated objectives within the planned timeframe.
February 2007
United States Organic Growth for Life Insurers: A Playbook for Market Advantage
Growth rates for life insurance products have been lackluster for decades, and life insurance executives now recognize that organic, top-line growth is key to creating shareholder value and achieving long-term success. To drive organic growth, life insurance companies need to take a more targeted and systematic approach to formulating their growth strategies. To help shape this new approach, they should focus on what we call the "Three I's" — information, innovation and implementation.
Canada Mergers and acquisitions: The art of the deal
A Deloitte Canada Insights podcast (21 minutes)
The M&A marketplace is enjoying unprecedented levels of activity, but the increasingly global scope of transactions is creating new challenges for deal-makers. Companies need to master the growing complexity of transactions without sacrificing speed — which can make the difference between securing a deal and losing out to a competitor.
United States Unlocking Shareholder Value with Sales and Divestitures
The dynamic state of the merger & acquisition marketplace continues. As companies focus on financial events and transactions that can enhance value for their shareholders, it is important to include sales and divestitures in the mix of considerations.
January 2007
Global Corporate Fight Back: Five disciplines to win in M&A
This research report provides insight and action points for corporates seeking to win in the increasingly competitive Mergers & Acquisition environment. It highlights how corporates are frequently being beaten in competitive auctions by Private Equity firms, due in large part to the latter's superior transaction execution capability. It identifies five disciplines that corporates can use to upgrade their organisational capabilities around M&A and deliver the growth that their shareholders expect.
United States The China M&A Landscape: The regulatory environment and the prospects for private equity
From "The Deal" magazine
New laws provide relief for foreign firms looking to invest in China. The article considers the impact of these new laws and why they are good news for investors.
United States A Huge Year for M&A
An article published in "Mortgage Banking" magazine
2006 featured a wave of consolidation in the mortgage banking industry. This article, which appeared in the January 2007 issue of Mortgage Banking, addresses some of the recent merger and acquisition trends that were witnessed in the mortgage banking industry, including activities in independent mortgage banks, mortgage real estate investment trusts, private equity firms and Wall Street firms. She also makes some predictions for deal activity in the industry in 2007.
November 2006
Global Avoiding Merger Failure
From "Chief Executive" magazine
The article stresses the importance of delivering on M&A promises in 2007, following a big year for deals in the U.S. and Europe. Based on their experience with more than 600 engagements in the United States and abroad, the authors recommend focusing on four key goals, which "will increase the likelihood of achieving the desired results".
Canada The Importance of Non-Financial Information in Mergers and Acquisitions: Management strength, people talent and technological capabilities
Companies involved in a deal often focus solely on short-term cost synergies. By examining the critical non-financial drivers of the companies involved, senior executives can make better decisions on the deal's long-term value creation for shareholders and increase the likelihood that the value can be realized through merger integration.
United Kingdom Building Society Update: A long-term view of the flourishing opportunities for building societies
Recently, there has been recent significant high-profile merger activity that is partly in reaction to the increasingly competitive marketplace. However, a number of societies have also re-examined their business models in order to compete. This will help to ensure the retention of a vibrant and independent building society sector in the UK financial services industry.
United Kingdom Five Disciplines to Win in M&A
New Deloitte research highlights that corporates are frequently being beaten in competitive auctions by Private Equity (PE), due in large part to PE's superior transaction execution capability.
October 2006
United States Realizing the Value from M&A Integrations and Divestitures: Putting synergies to work
Why are mergers so often unable to achieve their desired results? While integration is not conceptually difficult, our experience indicates that it requires a ruthless focus on execution and a cool head when confronted by the enormity of the effort. The CFO is frequently the chief architect of the merger, playing the roles of both the strategist responsible for capturing the business value of the transaction and the steward responsible for driving execution of the merger integration activities. Ultimately, the CFO is responsible for managing the overall shareholder experience during a merger.
September 2006
United States Global Business in the New Age of Chinese Outbound Investments: M&A made by China
China is a nation with its eyes on the world. Its cumulative outbound investment has risen from $100 million in 1990 to over $45 billion by mid-2005. All evidence points to a continued increase in M&A activity. Considering the growing possibility that western companies may be candidates for Chinese investment, and the potential impact on global business in general, business leaders need to understand the forces behind the trend and its implications for their strategic direction, whether they are looking to attract Chinese investment or make a done deal smoother and more successful.

Articles/Publications - Banking and Securities Area


October 2007
United States
Hiding in Plain Sight: How Retailers Can Identify and Better Manage Their Assets
A Deloitte Insights podcast (41 minutes)

While retailers usually have a good understanding of where their saleable goods are, many can’t identify or put a value on “hidden” assets such as real estate, equipment and fixtures. Failure to manage these hidden assets can be very costly, but relatively few companies are taking the initiative to get a handle on them — often because the right hand doesn’t know what the left hand is doing. Store A has one procurement method, and Store B has another. An enterprise strategy can transform the way in which assets are managed and save money in the process.

September 2007
Global 2007

Global Security Survey

The fifth annual Global Security Survey benchmarks IT security in the financial services industry. This year the survey reveals the “Security Paradox” – a situation in which Business Executives are becoming more aware of IT Security issues, but where support for a solution still lies with the IT department. This is highlighted by the fact that only 63% of respondents have an information security strategy, and only 10% have information security led by a business line leader.
United States Is the Retail Payments Industry Headed for Disruption?: Credit cards, search-to-purchase and the law of unintended consequences
The retail payments industry is missing an opportunity to expand profit margins by capturing a bigger share of the online search-to-purchase market. Numerous studies project that online purchases will grow to about 30 percent of all retail sales over the next 10 years — a market share significant enough to change the base of competition in the retail payments industry.

United Kingdom Securities and Banking Update: September issue
How retail banks can interact with customers in an innovative way

August 2007
United Kingdom

Reversing the charges: Could mobile payment at the point of sale ever pay for itself?

The widespread view of payment industry experts is that the use of mobile payments at the point of sale is inevitable. The basis for this prediction is that the technology exists, is increasingly affordable and provides functionality that customers consistently value.


Securing credit card data in a digital age: Meeting the Payment Card Industry’s standard involves two levels of security assessments

The digital age has ushered in the need for an unprecedented level of security when it comes to confidential and sensitive information. As hackers become more sophisticated, so too must legitimate merchants handling customer credit card information and transactions. That’s where the Payment Card Industry (PCI) Data Security Standard comes in.

United States
Mortgage REITs Face Challenging Times

An article published in "Mortgage Banking" magazine

Residential mortgage real estate investment trusts (REITs) have faced a difficult operating environment over the past 18 months. The current state of mortgage REITs is prompting many in the mortgage banking industry to take action to mitigate some of the hardships they are currently facing.

July 2007

Triggering the Tax Advantage: Tax tactics for the global financial services industry

Global financial services institutions continue to be under pressure to outperform their competitors across a range of key business issues. However very often, effective tax management is overlooked as a way to boost performance in each of these areas. This new report looks at how tax can play a role in creating competitive advantage in seven key areas.

United Kingdom

Six key disciplines to branch transformation: Winning with branches
Financial institutions that own retail banks are facing a major challenge. How do they re-invigorate their franchises?
United Kingdom Securities and Banking Update: July issue
Reconciliations “The systemic hidden issue”: Good governance can mitigate your risk; Putting technology to work: Enhanced approaches to Governance, Risk and Compliance (GRC); Treating Customers Fairly: The imperatives for good governance
June 2007
Global Global Financial Services Offshoring Report 2007: Optimizing offshore operations
The fourth annual Offshoring Study examines offshoring trends in the financial services industry. This study from Deloitte Research, was based on interviews with 36 global financial services institutions - including 6 of the top 10 by market capitalization.
Central Europe Central European Retail Banking: Mortgages and consumer loans provide momentum to retail banking
The Central European (“CE”) retail banking sector continues to grow at a double digit pace and it is projected to maintain this momentum in the upcoming years mainly thanks to growth in the traditional CE markets such as Poland, as well as areas like Russia, Ukraine and the Balkans which are making huge strides in banking sector reforms and development.
United Kingdom Securities and Banking Update: June issue
Fraud - the story behind the headlines; The next stage in the offshoring journey; Double trouble? The tax implication of offshoring
May 2007
Global Aligned at the Top: How business and HR executives view today’s most significant people challenges—and what they’re doing about it
This global study conducted by Deloitte and the Economist Intelligence Unit (EIU), reveals that while executives and HR leaders both view people as an issue of strategic importance, there is also an increasing tension between company needs and HR's ability to deliver.
United States Regulatory Outlook: Key areas on the horizon for banks
As banking and finance activities have become more complex, so have the rules of the road. The rules help protect consumers, assure safe and sound banks, keep the financial system solvent and contribute to a strong economy. Some financial institutions today are spending two to three times as much on compliance as they were 10 or 20 years ago. In response, many bankers have observed that the regulatory compliance task has become exceedingly challenging and the cost of compliance is growing at a rate that is unsustainable.
United States Delving Deeper: Findings from the Council to Shape Change
An article published in "Mortgage Banking" magazine
This article highlights significant findings from the Council’s report, the outlook for the real estate finance industry, and some of the key forces driving change in the real estate finance arena and how these forces may reshape the industry in the next five to 10 years.
United Kingdom Securities and Banking Update: May issue
Value creation in the mortgage industry through a strategic transformation approach; Whether the highly active and agile private equity industry will start targeting banks; The urgent need for firms to start addressing their ICAAP documentation responsibilities.
United States Securities Issue Briefing: May issue
Changes in options symbology
April 2007
Global Global Securities Industry Outlook 2007: Issues on the horizon
An annual publication that discusses the top issues in the securities industry. The most important issues for the Securities sector for 2007 are: The shifting competitive landscape; The growing appetite for risk; The lure of alternative investments; Exploding product complexity; The patient money bets on emerging markets.
European Union Mergers & Acquisitions and the European Banking Landscape: Integration is key
Deloitte has analysed the US mergers and acquisitions (M&A) experience and the European financial services market to identify specific M&A trends, including the removal of barriers and the imperatives of shareholder value creation. This new publication summarises our views on the top ten issues we believe are vital for successful cross-border deals in banking.
United Kingdom Corner the market: Sustainable value creation strategies for focused mortgage lenders
Mortgage origination businesses are currently struggling to maintain profitability whilst seeking to retain lending volume at historic levels in order to meet market expectations. Analysts continue to focus on market share as the primary measure of success. This creates unrealistic expectations, often forcing organisations to focus on volume at the expense of value.
United States Pricing - The Last Stand: Turning to price and revenue management techniques to enhance profitability
An article published in "Mortgage Banking" magazine
The article addresses how the financial services industry has turned to enhanced pricing and profitability management techniques to achieve sustainable profitable growth. It explains how mortgage companies can realize substantial additional profits through better pricing. Using a case study, it shows why approximately 80% of the mortgage rates and points currently charged are wrong.
China China's banking sector: Growing towards diversification
Asia Pacific markets will likely provide the greatest opportunities for global financial services companies looking for future growth. For the past five years, economic growth has been driven by strong consumer demographics, political and market reform and economies of scale in production. This trend will likely continue, lead by developments in the Chinese market.
United Kingdom Securities and Banking Update: April issue
Data protection in a digital age; Banking on the Budget; Disclosure or exposure for Basel Pillar 3
United States Fair Value Update: April issue
SFAS 159's option to apply fair value to financial assets and liabilities; FASB request comments on valuation guidance; IFRS fair value measurements discussion paper; IFRS 7 financial instruments disclosures
March 2007
Global Global Banking Industry Outlook 2007: Issues on the horizon
An annual publication that discusses the top issues in the banking industry. The most important issues for the Banking sector for 2007 are: Hedge funds enter the fray; The ongoing cost-reduction imperative; Offshoring 2.0; Local insights for global branching; Anti-money laundering regulations.
Global Global Risk Management Survey - Fifth Edition: Accelerating risk management practices
Effective risk management is critical for global financial institutions, especially as the range of risks grows to include more complex products, more volatile markets, increased regulatory scrutiny and external threats that include security breaches, natural disasters and geopolitical concerns. Financial institutions that understand risk holistically can strategically use risk-taking as a means to strengthen their competitive position and create value.
United States Breaking Out of the Mold: The new face of banking
A Deloitte Insights Podcast (17 minutes)
For a brief time, it seemed as if the U.S. banking industry had done just about everything right. But unanticipated developments have caused the industry to question many old assumptions. The economic — and political — landscape in which U.S. banks do business has dramatically changed. Can the banking industry be nimble enough to successfully respond to these new challenges?
United States The Missing Link: Leveraging talent to drive customer loyalty and growth in retail banking
Banks have tried a variety of approaches to increase customer loyalty, but many have yet to focus on the assets they already have – their customer-facing employees. This study looks at what banks can do to build a work force that can differentiate them in the eyes of customers.
United Kingdom Securities and Banking Update: March issue
The FSA’s ‘rebalancing’ of rules-based regulation; Post-MiFID for regulated firms in dealer markets; Obligations to the FSA under Pillars 1-3 of the Capital Requirements Directive
United States Banking Issue Briefing: March issue 1
Helping you navigate the current mortgage environment
United States Banking Issue Briefing: March issue 2
Allowance for Loan and Lease Losses (ALLL) – What to consider
United States Securities Issue Briefing: March issue 1
Your CEO certification questions answered
United States Securities Issue Briefing: March issue 2
Proposed amendments to the Financial Responsibility Rules Securities Exchange Act Release No. 34-55431
February 2007
United States It's 2008: Do You Know Where Your Talent Is? Connecting People to What Matters
Part 2 in a Deloitte Research series on talent management
The demand for knowledge workers is building even as their experiences, skills and abilities are in increasingly short supply. Meanwhile, this shrinking talent pool grows ever more diverse — and their needs are shifting. They expect interesting work, career development and flexibility in exchange for their highly sought-after capabilities.
United Kingdom Securities and Banking Update: February issue
Making FSA policies part of everyday life; Is hard currency losing its value?; Treating Customers Fairly (TCF), the FSA’s flagship initiative
United States Banking Issue Briefing: February issue
Banks are turning to pricing as a powerful lever to fuel profitable growth in lending, deposits and transaction services businesses
United States Securities Issue Briefing: February issue
Thinking about data quality
January 2007
China New regulations to enforce a fully open Chinese banking market: Opening the door
In December 2006, new rules and regulations came into effect governing foreign bank ownership in the People’s Republic of China. In accordance with its year five World Trade Organization (“WTO”) commitments, China has now issued the regulations required to fully open its banking sector to foreign banks. The regulations will have a significant impact on China’s banking sector.
United States A Huge Year for M&A
An article published in "Mortgage Banking" magazine
2006 featured a wave of consolidation in the mortgage banking industry. This article, which appeared in the January 2007 issue of Mortgage Banking, addresses some of the recent merger and acquisition trends that were witnessed in the mortgage banking industry, including activities in independent mortgage banks, mortgage real estate investment trusts, private equity firms and Wall Street firms. She also makes some predictions for deal activity in the industry in 2007.
United Kingdom Securities and Banking Update: January issue
CRD/MiFID and more principles-based regulation on FSA; Removal of the auditors' year-end financial rules based reporting requirements to FSA; Retail banking business prospects and M&A activity
United States Securities Issue Briefing: January issue
Changes in daylight savings and how it will affect companies
December 2006
United States Reinvent or Fall Behind: Breathing new life into customer rewards programs
This study looks at how many leading U.S. financial institutions are reinvigorating their rewards programs as a path to market renewal and differentiation. Through innovations these financial institutions are driving new opportunities to entice customers and keep them loyal, active and profitable.
United States Banking Issue Briefing: December issue
Federal banking regulators fine tune expectations for enterprise-wide compliance risk management programs
November 2006
Australia Research Reveals Growing Importance of Reverse Mortgage Products for Financial Planners
The second annual financial planning survey conducted by independent actuaries and advisers, Trowbridge Deloitte, reveals that 23 out of the 24 leading financial planning dealer groups surveyed already have a panel providing reverse mortgage products.
United States Eye For Opportunity: Private Equity and the Mortgage Banking Industry
An article published in "Mortgage Banking" magazine
The cyclical nature of the mortgage banking industry can create windows of opportunity for private-equity investors. Because mortgage stocks tend to fluctuate with the interest-rate cycle, private-equity firms may be able to create significant value by intervening when valuations are at their lowest, and exiting from their investments when investor confidence is restored. This article examines the history of the relationship between private equity investors and the mortgage banking industry.
October 2006
United States Generational Talent Management: Strategies to attract and engage generation Y in the U.S. banking and securities industries
Many in the Financial Services Industry in the U.S. fear an impending shortage of human resources given the growing economy, aging workforce, and limited supply of new and experienced talent. Effectively managing talent in this sector is therefore becoming increasingly critical, but little attention has been devoted to specifically developing, deploying, and connecting to the industry’s newest resources: Generation Y employees, those born in 1982-1993.
Australia The Australian Mortgage Industry: Broadening the horizons
The Australian mortgage industry is meeting the challenges of maintaining growth in a mature, competitive and increasingly regulated market.
United States Securities Issue Briefing: October issue
Trade reporting: What broker-dealers need to know

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