My gut tells me no due to the conflict of interest, but even if they can't execute the deal, can they perform some type of fairness opinion or conduct preliminary due diligence on the acquisition target? Or would everything have to be done by an independent advisor?
i.e. CIBC looking to acquire Private Bancorp, can either bank's IB teams participate in the deal? If so, how common is this practice?
Side question: Do you know of an instance where a bank has been able to win a mandate from a client that has had another"go-to" bank?
It likely varies between banks depending on firm-specific rules but I have seen this - my team ran a process for a division that our bank was selling a few years ago. But I wouldn't think that you could provide an opinion without it being a conflict.
Banks have their own internal teams that deal with that. For example, Morgan Stanley has their Firm Strategy & Execution group, and other banks often have some sort of "Firm/Group Strategy" naming for that specific team.
A good example would be when the Canadian banks etc. acquired the TMX group. I believe they did all of their own work but presumably you'd go externally for a fairness opinion due to conflicts / liability.
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