Global Banking industry ratings and rankings from a mergers and acquisitions clout perspective.

1. The Banking Industry Chessboard
September 9, 2013
Market Capitalization: $5.902 trillion
Assets managed: $89.85 trillion
Average leverage ratio: 6.2%
PHIMARK’s Global Index of banks rose by 1.6% during August. We saw declines in
countries like India and Indonesia in particular, while general improvement in European
banking, with increased market volatility - especially in emerging markets.
PHIMARK Global Index: 170(+1.6%)
Acquirers: 78 (+ 1)
Performers: 188 (-25)
Management Change: 71 (+17)
Acquisition Target: 217 (- 2)
Distressed: 14 (+ 3)
Total coverage: 569 (- 5)

2. Top 10 Acquirer Banks
There were no changes in the top Acquirer
rated banks, except for ranking changes
internal to the class.Acquirer
Allied Irish Banks
U.S. Bancorp
Bank Central Asia
Grupo Financiero Inbursa
HDFC Bank Limited
Hang Seng Bank Limited
Qatar National Bank SAQ
Grupo Financiero Santander México
Bank Rakyat Indonesia
Bank Mandiri

3. The market keeps selling off JP Morgan Chase on
weakness. Dimon is highly respected, but the
bank needs to produce resullts that removes the
question marks. Dimon has 3 more quarters
before his shareholders again ask themselves if he
is the best person to lead the bank.
Top 10 Performer Banks
Performer
Wells Fargo & Co
Commonwealth Bank of Australia
Industrial and Commercial Bank of China
HSBC Holdings plc
China Construction Bank Corporation
Westpac Banking Corporation
Itau Unibanco Holding SA
Royal Bank of Canada
Australia and New Zealand Banking Group
Banco Bradesco SA

4. Top 10 Management Change Rated Banks
Citigroup was downgraded to Acquisition
Target rating, while JP Morgan Chase took
the top category position, being
downgraded from Performer rating.
Management
Change
JPMorgan Chase & Co.
Agricultural Bank of China
Bank of China
Lloyds Banking Group PLC
Goldman Sachs Group, Inc.
Banco Bilbao Vizcaya Argentaria SA
NORDEA BANK
Morgan Stanley
China Merchants Bank Co
PNC Financial Services Group

5. Top 10 Acquisition Target Rated Banks
Acquisition
Target
Citigroup Inc.
Bank of America Corp
Banco Santander, S.A.
Mitsubishi UFJ Financial Group
BNP Paribas
Sumitomo Mitsui Financial Grp, Inc.
Bank of Communications Co Ltd
Royal Bank of Scotland Group plc
Mizuho Financial Group Inc.
Barclays PLC
Industrial Bank Co. Ltd was upgraded to
Performer rating. Citigroup is back as
markets view it exposed in a weaker
environment.

6. Top 10 Distressed Rated Banks
• Commerzbank was upgraded to
Acquisition Target rating, following
positive first half results.
• On August 9, 2013, Bank of
Wausau, Wausau, WI was closed by
the Wisconsin Department of
Financial Institutions, and the Federal
Deposit Insurance Corporation (FDIC)
was named Receiver.
• On August 23, 2013, Community
South Bank, Parsons, TN was closed
by the Tennessee Department of
Financial Institutions, and the Federal
Deposit Insurance Corporation (FDIC)
was named Receiver.
• On August 23, 2013, Sunrise Bank of
Arizona, Phoenix, AZ was closed by
the Arizona Department of Financial
Institutions, and the Federal Deposit
Insurance Corporation (FDIC) was
named Receiver.
Distressed
Credit Agricole
Banca Monte dei Paschi e Siena
Federal National Mortgage Association
Federal Home Loan Corporation
Chiba Kogyo Bank Ltd
Sparebanken Vest
Banca Popolare dell'Etruria e del Lazio
SpareBank 1 Buskerud Vestfold
Banco di Sardegna (Gruppo BPER)
SpareBank 1 Notteroy Tonsberg

7. Watch-list:
Troubled banks that
could go into distress
CRCAM Nord de France
Bank of India
Deutsche Bank AG
Sandnes Sparebank
Indian Bank
Caisse Regionale de Credit Agricole Mutuel Toulouse 31
Porter Bancorp
Caisse Regionale de Credit Agricole Mutuel de la Loire-Haute-Loire
Crédit Agricole d'Ille-et-Vilaine
Banca Carige
Commerzbank
Credit Agricole du Morbihan
Village Bank and Trust
Caisse Regionale de Credit Agricole Mutuel Alpes Provence
Nes Prestegjelds Sparebank
Jimoto Holdings Inc
Banco Popolare

8. Trond Johannessen
Director
Phimark BV
+39 34 66 97 70 97
trond@blackwolfbv.com