This document summarizes the banking industry and classifications of banks from a March 2013 report. It identifies the top 10 banks in each merger and acquisition classification category such as acquirers, performers, and acquisition targets. It also lists banks that could become distressed. The summary identifies trends in bank mergers and acquisitions, including Banco Santander being downgraded from management change to acquisition target.

1. The Banking Industry Chessboard
April 30, 2013
Market Capitalization: $5.643 trillion
We added 100 banks from our March report, and made some tuning on our classification
of Acquirers, but largely the distribution of banks by category remains the same. The
PHIMARK Global Index: 141(+0,7%)
Acquirers: 60
Performers: 222
Management Change: 78
Acquisition Target: 132
Distressed: 10
of Acquirers, but largely the distribution of banks by category remains the same. The
comparison of groups is not direct for this reason, and so we omitted this.
We remind our readers that the classification is a snapshot, applying financial Laws of
Nature, as opposed to making forecasts, or even recommendations. We simply point out
how some banks are prepared for M&A, and some are finding themselves in a difficult
situation. A Management Change is the Board of Directors’ tool for effecting change over
time. The longer a bank is at sub-perrformance, the more likely it is that we see
shareholders and/or the Board of Directors losing patience. Banco Santander is a case in
point, where the CEO change was announced yesterday. This month we downgraded the
bank from Management Change to Acquisition Target – things are deteriorating after
improvement in the Q4 of 2012.

2. Top 10 Banks in Each M&A Classification Category
Management Acquisition
Acquirer Performer Change Target Distressed
Commonwealth Bank ofAustralia Industrial and Commercial Bank ofChina JPMorgan Chase & Co. Citigroup FNMA
Westpac Banking Wells Fargo & Co Bank ofChina Bank ofAmerica BancaPiccolo Credito Valtellinese
Royal Bank ofCanada ChinaConstruction Bank Mitsubishi UFJ Financial Group Banco Santander CyprusPopular Bank
HDFC Bank HSBC Holdings Goldman SachsGroup LloydsBanking Group Sparebanken VestHDFC Bank HSBC Holdings Goldman SachsGroup LloydsBanking Group Sparebanken Vest
BankCentral Asia Australiaand New Zealand Banking Group Bank ofCommunications Barclays BancaPopolare dell'Etruriae del Lazio
Allied Irish Banks Itau Unibanco Holding Banco Bilbao VizcayaArgentaria BNP Paribas SpareBank 1 Buskerud Vestfold
Co-Operative Bank Banco Bradesco PNC Financial ServicesGroup Morgan Stanley Dexia
Hang Seng Bank Bank ofNovaScotia Credit Suisse Group Deutsche Bank SpareBank 1 Notteroy Tonsberg
BankMandiri Toronto-Dominion Bank The Bank ofNew YorkMellon Danske Bank Sparebanken Pluss
BankRakyat Indonesia U.S. Bancorp Capital One Financial ING Groep Proton Bank

3. Troubled banks that could go into distress
• Commerzbank AG
• UBI Banca
• Banco Popolare
• Banca CARIGE
• Caisse Regionale de Credit Agricole Mutuel du Languedoc
• Caisse Regionale de Credit Agricole Mutuel Nord de France
• Caisse Regionale de Credit Agricole Mutuel Atlantique Vendee• Caisse Regionale de Credit Agricole Mutuel Atlantique Vendee
• Caisse Regionale de Credit Agricole Mutuel Brie Picardie
• Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine
• Caisse Regionale de Credit Agricole Mutuel de la Loire-Haute-Loire
• Caisse Regionale de Credit Agricole Mutuel Sud Rhone Alpes
• Caisse Regionale de Credit Agricole Mutuel Alpes Provence
• Caisse Regionale de Credit Agricole Mutuel Toulouse 31
• Caisse Regionale de Credit Agricole Mutuel de La Touraine et du Poitou
• Caisse Regionale de Credit Agricole Mutuel d'Ille-et-Vilaine
• Caisse Regionale de Credit Agricole Mutuel du Morbihan
• Banca Popolare di Spoleto
• Cecil Bancorp

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