FIG M&A
Trying to get some basic info re: FIG M&A. Anyone willing to PM me and talk live briefly? Thanks...in advance.
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FIG M&A usually more process experts and strategic tactics than doing the modeling. Obviously exceptions but always in my exp it’s been me in coverage is doing the model and then overseen by a D/MD in M&A
I’ll echo this. We run our own models.
Thanks. What I'm trying to figure out is how FIs think about and describe cost and/or revenue synergies. Like everything in FIG, the terminology appears to be a little different from what it is in every other vertical. So far it seems like M&A synergies are described as "cost saves/savings" and expressed as a percentage of target, acquiror, and/or combined non-interest expense. Thoughts...?
That’s correct, especially for depositories. Almost all depository deal IPs will state what % of cost savings on non-interest expense the acquirer management team will be able to achieve. 30-35% is pretty common. Lower when there’s less geographical overlap and higher in MOE type transactions. Most of it comes from branch closures in overlap / less desirable locations as well as back office support. Eliminating the target senior management team can also be a significant cost save
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