The document analyzes global banking trends, providing data on 403 banks across categories like acquisitions, management changes, and distressed institutions. It identifies the top 10 banks in various M&A categories and lists several European banks that could face distress. The analysis examines policy shifts towards more shareholder responsibility for firms and the reduced likelihood of bank bailouts after events in Cyprus.

1. PHIMARK Global Index: 140
Acquirers: 62
Performers: 198
Management Change: 55
Acquisition Target: 79
Distressed: 9
The Banking Industry Chessboard
March 25,2013
Market Capitalization: $5.411 trillion
Following the resolution of the Cyprus crisis, and the statements by the EuroGroup
Chairman, Dutch Finance Minister Jeroen Dijsselbloem, it is clear that we are seeing a
policy turn towards shareholder responsibility for the firms, and national authorities
having to perform their supervisory and regulatory roles as once was taken for granted.
Bailouts look unlikely for failing banks after the Cyprus restructuring of Cyprus Bank and
the shutdown of Laiki Bank.
Our vantage point of banks is not directly to assess profitability or default risk, as we are
looking at the obvious need for restructuring, and even posing the question why there is
so little mergers and acquisitions activity going on in markets where banks are weak, and
why large banks are not chopped up and sold off to acquirer banks, allowing
transformations towards solidity.
This update is to bring a more comprehensive view of global banking, covering 403 banks.

2. Top 10 Banks in Each M&A Classification Category
Management Acquisition
Acquirer Performer Change Target Distressed
Com m onw ealth Bank of Australia Industrial&Com m ercial Bank of China JPMorgan Chase Citigroup Banca Piccolo Credito Valtellinese
Westpac Banking Wells Fargo Banco Santander Bank of Am erica Bank of Cyprus
Royal Bank of Canada China Construction Bank Sum itom o Mitsui Financial Group Barclays Sparebanken Vest
Itau Unibanco Holding HSBC Holdings Bank of Com m unications BNP Paribas Cyprus Popular Bank
Banco Bradesco Bank of China Banco Bilbao Vizcaya Argentaria Capital One Financial SNS Reaal (Nationalized)
Australia&New Zealand Banking Group Toronto-Dom inion Bank Lloyds Banking Group Royal Bank of Scotland Group Banca Popolare dell'Etruria e del Lazio
PT Bank Central Asia National Australia Bank Credit Suisse Group Deutsche Bank SpareBank 1 Buskerud Vestfold
Allied Irish Banks Sberbank Rossii PNC Financial Services Group Banco Santander Brasil SpareBank 1 Notteroy Tonsberg
Bank of Nova Scotia Standard Chartered Bank of New York Mellon Danske Bank Sparebanken Pluss
HDFC Bank Mitsubishi UFJ Financial Group KeyCorp Societe Generale

3. Troubled banks that could go into distress
• Commerzbank AG
• Banca Monte dei Paschi e Siena
• Banco Popolare
• FNMA
• Banca Popolare di Spoleto
• Porter Bancorp
• CRCAM Nord de France
• Credit Agricole du Morbihan

4. Trond Johannessen
Director
Phimark BV
+31 620 59 1015
trond@blackwolfbv.com