...Exercise: 1 – 7th Class of OSD Macquarie Bank Case Study Macquarie Bank is an excellent example of a highly successful organization, which has been able to maintain its success using an incremental adjustment process while operating in a rapidly changing environment. During the 1980s and 1990s, changes occurred in the environment of Australian financial institutions. These included rapid deregulation of the financial services sector by the Australian Labour Government. The critical moves involved were the floating of the Australian dollar, progressive removal of restrictions on competition between banks, building societies, merchant banks, and other institutions which offer financial services, and grant of new banking licenses including licenses to 16 foreign-owned banks to operate in Australia. From its inception as ‘Hill Samuel Australia’ in the early 1970s, the bank’s strategic focus was merchant banking (investment banking). In 1980, the bank commenced a process of diversification. But, with deregulation in the 1980s it diversified further, building up strength in specialist markets, particularly in high value-added niches (market segments) like corporate services, bullion and commodities. The pace of diversification quickened by the mid 1980s with the bank entering into a range of new areas including retail domestic banking, equity investments, property and leasing. Growth took place by way of both development and acquisition. Macquarie remains one of Australia’s...
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...The Banker Blueprint: The Last-Minute Guide to Breaking Into Investment Banking A Production http://breakingintowallstreet.com http://www.mergersandinquisitions.com http://breakingintowallstreet.com http://www.mergersandinquisitions.com Feel free to copy this report and send it to all your friends. Actually, scratch that – please copy this report and send it to all your friends. Forward it to as many people as possible. The more the merrier! Print it out, pass it around, and hand out copies to everyone you know. Just make sure you keep the names and logos on each page intact. Table of Contents Why I Wrote This Guide and What You’re Going to Learn ........................................................... 4 Reality Checks and Beaches in Thailand .......................................................................................... 4 Action Plan, Step 1: Plan Your Strategy ........................................................................................... 6 Your Strategy: Action Steps ........................................................................................................... 9 Action Plan, Step 2: Craft Your Story ............................................................................................. 10 Your Story: Action Steps .............................................................................................................. 14 Action Plan, Step 3: Network Like a Ninja .....................................................
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...and that to the best of my knowledge and belief does not contain any material published or written by another person except where due reference is made in the text. I authorise the University to test any work submitted by me, using text comparison software, for instances of plagiarism. I understand this will involve the University or its contractor copying my work and storing it on a database to be used in future to test work submitted by others. I understand that I can obtain further information on this matter at: http://www.unisanet.unisa.edu.au/learningconnection/student/studying/integrity.asp Note: The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a signed statement. Signed: KWOK YUK MING Dated: 9th April, 2011 Signed: TSANG TSZ NGA, RAYE Dated: 9th April, 2011 Signed: Dated: 9th April, 2011 HSBC Group The HSBC Group is one of the world's largest banking and financial services organizations, it provides a comprehensive range of financial services through customer groups and global businesses including Personal Financial Services; Commercial Banking; Corporate, Investment Banking and Markets; and Private Banking, it established in Hong Kong and it is the largest bank incorporated in Hong Kong. Now we are going to...
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...please use: https://www.copyright.com/ccc/basicSearch.do? &operation=go&searchType=0 &lastSearch=simple&all=on&titleOrStdNo=0012-7086 FAIRNESS OPINIONS: HOW FAIR ARE THEY AND WHAT CAN BE DONE ABOUT IT? LucIAN ARYE BEBCHUKt AND MARCEL KAHAN* INTRODUCTION Fairness opinions have become a regular feature of every major corporate control transaction. Whether in negotiated mergers,1 freeze-out mergers, 2 hostile tender offers, 3 friendly tender offers,4 self-tenders, 5 leveraged buyouts, 6 negotiated share repurchases, 7 or negotiated sales of treasury stock,8 directors seek the blessing of investment banks before approving transactions or adopting defensive measures. These banks give their blessings in the form of fairness opinions, which usually consist of short letters that state an opinion about whether a proposed transaction is "fair" or "adequate." 9 In addition, the banks often give presentat Professor of Law, Harvard Law Schaool; Faculty Research Fellow, National Bureau of Economic Research. * Visiting John M. Olin Scholar, fall 1988, Harvard aw School; Associate, Kramer, Levin, Nessen, Kamin & Franke. For financial support, both authors are grateful to the Harvard Law School Program in Law and Economics, which is funded by the John M. Olin Foundation. Lucian Bebchuk's work was also supported by the National Science Foundation. The authors thank Irene Khaitman for her helpful research assistance and Andrew...
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...Investment Banking Valuation, Leveraged Buyouts, and Mergers & Acquisitions JOSHUA ROSENBAUM JOSHUA PEARL FOREWORD BY JOSEPH R. PERELLA Investment Banking Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation, and financial instrument analysis, as well as much more. For a list of available titles, please visit our Web site at www.WileyFinance.com. Investment Banking Valuation, Leveraged Buyouts, and Mergers & Acquisitions JOSHUA ROSENBAUM JOSHUA PEARL John Wiley & Sons, Inc. Copyright C 2009 by Joshua Rosenbaum and Joshua Pearl. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976...
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...unvarnished scoop, check out Vault.” – SmartMoney Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library INVEST BANKIN CAREE VAULT CAREER GUIDE TO INVESTMENT BANKING © 2007 Vault Inc. Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library INVEST BANKIN CAREE VAULT CAREER GUIDE TO...
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...THE ACCIDENTAL INVESTMENT BANKER This page intentionally left blank THE ACCIDENTAL INVESTMENT BANKER · Inside the Decade That Transformed Wall Street · JONATHAN A. KNEE 1 2006 1 Oxford University Press, Inc., publishes works that further Oxford University’s objective of excellence in research, scholarship, and education. Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Copyright © 2006 by Jonathan A. Knee Published by Oxford University Press, Inc. 198 Madison Avenue, New York, NY 10016 www.oup.com Oxford is a registered trademark of Oxford University Press All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data is available ISBN-13: 978-0-19-530792-4 ISBN-10: 0-19-530792-5 1 3 5 7 9 8 6 4 2 Printed in the United States of America on acid-free paper For Chaille Bianca and Vivienne Lael and William Grant who says he wants to be an investment banker ACKNOWLEDGEMENTS As a f i r s t - t i m e au t h o r ...
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...10 Goldman Sachs 2011 Annual Report For Prada, the time had come to capitalize on the power of a global brand In 2010, Prada, one of the world’s most recognizable fashion brands, knew it was time to go public, and that the place to do it was Hong Kong. The reason for choosing Hong Kong was simple: Asia, with its fast-growing economies, had become Prada’s biggest growth market. By 2010, Asia had rivaled Europe and had outpaced North America, accounting for 43 percent of Prada’s annual sales. With Goldman Sachs’ London investment banking team working with the family-owned company, Prada began preparing to go public in 2007. Postponed by the global financial crisis, the IPO was moving forward again in 2011, with Goldman Sachs as lead underwriter. As the IPO approached, work on the complex transaction stretched across continents and disciplines. While our London team worked with the company on capital markets strategy, our Hong Kong investment banking team took responsibility for deal execution. In marketing the offering worldwide, Goldman Sachs helped Prada present its story to more than 250 leading investors. The IPO raised $2.5 billion. It was the largest consumer goods IPO ever in Hong Kong, and the largest IPO to date of any global luxury brand. The offering enabled Prada to reduce its debt while funding future growth across China and the rest of Asia. By 2015, China alone is estimated to comprise 20 percent of the world’s luxury goods market. Prada is now positioned...
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...Best Investment Banks 2011 New York, February 22, 2011 — Global Finance announces its selection of the World's Best Investment Banks 2011 to be published in its April 2011 issue. Global Finance editors, with input from industry experts, used a series of criteria to arrive at their selections. These included market share, number and size of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing, after-market performance of underwritings and market reputation. Deals announced or completed in 2010 were considered. "The investment banking industry has changed as a result of the financial crisis," said Global Finance publisher Joseph D. Giarraputo. "The best institutions are those that have a business model focused on customer needs." For editorial information please contact: Dan Keeler, Editor, email: dan@gfmag.com GLOBAL AWARDS | Best Investment Bank | Morgan Stanley | Best Equity Bank | Morgan Stanley | Best Debt Bank | Barclays Capital | Best M&A Bank | Morgan Stanley | Best Up-and-Comer | QInvest | Most Creative | Bank of America Merrill Lynch | SECTORS | Consumer | Credit Suisse | Financial Institutions | Bank of America Merrill Lynch | Health Care | J.P. Morgan | Infrastructure | Scotia Capital | Industrial/Chemicals | J.P. Morgan | Media/Entertainment | J.P. Morgan | Metals & Mining | BMO Capital Markets | Oil & Gas | Bank of America...
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...Committee members and Mr. Diamond himself kept coming back to one lofty concept, directly referred to 50 times during the hearing: culture. There is a lot of it about. Culture was the “secret sauce” at Goldman Sachs, of which there is now “virtually no trace,” according to Greg Smith, a disgruntled former employee of the US investment bank. The “ingrained conventions of Japanese culture” were behind the crisis at the tsunami-hit Fukushima nuclear plant, says the man chairing the probe into the disaster. British pharmaceutical group GlaxoSmithKline has made “a culture of putting patients first” a priority, having clamped down on aggressive selling and marketing of blockbuster drugs that this month resulted in a $3bn settlement with the US government. Five years after the global financial and economic crisis began, political and regulatory reforms have either not yet taken effect or have failed to allay public fury and frustration about corporate excess. In the financial services sector, dissonance between banks’ traditional image as prudent and conservative, and successive revelations of misselling and misbehavior – particularly in investment banking operations, such as those at Barclays – has fuelled the anger. It has also shifted the political rhetoric from a focus on legal and regulatory solutions to a wider debate about the need to change a corporate culture focused on short-term profits and bonuses. As Texas Democratic Representative Rubén Hinojosa told Jamie...
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...the system is not viable. The term “too big to fail” refers to the big banks deep rooted in the banking system such as Goldman Sachs or Lehman Brothers. The size of these entities is so big that should one of them bankrupt it would soon drive the whole system into bankruptcy. Here Simon Johnson advise us to reduce the size of big banks in order to limit the risks of another collapse of the world’s finance. This statement is strongly related to the notion of Moral Hazard, as the banks are too big to fail, they know that public authorities will do anything to prevent there collapse in case of a problem. That is what happened in 2008 with the Emergency Economic Stabilization Act, which consisted in a bailout of the U.S. financial system representing more than $700 billions as an answer to the subprime crisis. With that in mind we can understand better the logic of Moral Hazard, the bailout of 2008 set a precedent for banks and they know they have a safety net so they can take more risks in their activities. This self-destructing logic is a manifestation of crony capitalism, it is like there is no regulation, and the state is bound to let big actors of the finance take big risk. It is not that simple of course, public authorities have the power to restrict the importance of investment banks. It implies strong political will to do that, the solution could be a separation of the activities in the bank. It is no new solution as the Glass-Steagall Act (1933) preconized it just...
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...according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL } to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES...
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...services company that is headquartered in Basel and Zürich, Switzerland. The company provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. The name UBS was originally an abbreviation for the Union Bank of Switzerland, but it ceased to be a representational abbreviation after the bank's 1998 merger with Swiss Bank Corporation.[3] The company traces its origins to 1856, when the earliest of its predecessor banks was founded. UBS is the biggest bank in Switzerland, operating in more than 50 countries with about 63,500 employees globally, as of 2012.[4] It is considered the world's largest manager of private wealth assets; with over CHF2.2 trillion in invested assets,[5] a leading provider of retail banking and commercial banking services in Switzerland. According to the Scorpio Partnership Global Private Banking Benchmark 2013, UBS had assets under management (AuM) of US$1,705.0 billion, representing a 9.7% increase in AuM versus 2012. UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains one of the bank's largest shareholders.[6][7] The bank also received capital from the Swiss government[8] and through a series of equity offerings...
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...stability. The case reviews the company’s efforts to deal with its choices and with the involvement of key financial intermediaries in providing roadmaps to these choices. It illuminates the broad spectrum of alternatives available in the capital markets and the tradeoffs in following difficult alternatives. In particular it highlights the shifting emphasis between debt and equity as the company struggled with its financial demands. The case provides realistic understanding of the viewpoint of corporate financial management in crisis situations and the interplay with investment banks in finding the best solutions in the capital markets to deal with fundamental financial issues. The case “The Union Carbide Deal” highlights three phases of the company’s financial situation. The first phase includes the Bhopal plan disaster and GAF takeover attempt. The second phase is the debt burden, and the final phase is the bank financing and equity. In discussing the first phase, the Bhopal accident is really the catalyst for all the financial issues Union Carbide experienced from 1984 when it occurred until long past the end of the case and its eventual merger with Dow Chemical. As described in a New York Times article by Claudae Deutsch, “the bitter aftertastes continue to tarnish their corporate reputations….Those issues have had lingering impacts on their valuations on Wall Street,'' (Deutsch, p.2) The impact of this devastating loss of human life was understandably massive on...
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...By Nicholas Comfort, Donal Griffin and Jeffrey Vögeli (Bloomberg) -- Deutsche Bank AG co-Chief Executive Officer John Cryan is losing market share in businesses he wants to expand, highlighting the risks he faces in scaling back costly debt trading. The German lender lost ground to competitors in the trading of stocks and in advising on mergers and acquisitions in the U.S. and Europe, both businesses that Cryan, 55, has singled out as core to the investment bank. Deutsche Bank’s equity- derivatives unit, which trades contracts tied to shares, fell “significantly” because of “challenging risk management,” the bank said. Cryan, who took over from former investment banker Anshu Jain in July, is seeking to reverse a slump in profitability by closing down parts of the bond-trading empire his predecessor built, shrinking the global footprint and selling a consumer banking business in Germany. Deutsche Bank’s 30 percent decline in fourth-quarter investment banking and trading revenue and first full-year loss since 2008 are adding to investor concerns over the firm’s ability to earn enough money to fund Cryan’s overhaul and boost profitability. “Performances like the fourth quarter do raise serious question marks about the franchise,” said Jonathan Fearon, who helps manage about 300 billion pounds ($429 billion) at Standard Life Plc and who doesn’t own Deutsche Bank shares. “We are definitely now in “show me” mode. That’s obviously going to be the question mark...
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