SNL Financial Hosts 2011 Bank M&A Symposium with S&COctober 4-5, 2011
New York, New York
On October 4 and 5, Mr. Cohen, Mr. Eitel, Mr. Menting and Mr. Welshimer were featured speakers at the SNL Financial 2011 Bank M&A Symposium, which was held in New York City. This year is the third consecutive year that the Firm has partnered with SNL Financial for this event, which brings the sector’s most influential executives together with the industry’s top dealmakers to examine expectations and prospects for transactions in the sector. Mr. Eitel and Mr. Menting co-chaired the program, and Mr. Cohen gave the keynote address in which he spoke about recent regulatory developments affecting the banking industry and the outlook for bank M&A.
In his remarks, Mr. Cohen discussed the importance of consolidation in improving the banking system and specifically the recent bid by Capital One for ING Direct USA, an S&C client, which is under the U.S. Federal Reserve examination. Mr. Cohen said, “If the CapOne application were denied that warning shot would become a nuclear weapon against acquisitions.” He also commented on the benefits of M&A to help banks cut costs and grow, “There is no need to follow a Noah’s Ark approach in a merger and have two of everything.” Mr. Cohen said, “There can often be a chance to increase revenues if the acquirer’s products and services are superior to those of the target.”
Also at the symposium, Mr. Menting moderated panels titled, “Investment Bankers’ Assessments and Predictions” and “Devil in the Details: Due Diligence, Accounting and Post-Merger Considerations,” which addressed the current M&A market, and key considerations in strategic deal making. Mr. Eitel moderated panels titled, “Views from the Top: CEOs on M&A in Strategic Planning,” and “Capital is King,” in which market participants discussed the role of capital in bank investments. Mr. Welshimer spoke on a panel titled, “Capital and M&A Considerations for Community Banks,” in which the group discussed various strategies community banks can employ in order to manage regulatory burdens and improve revenue growth.