News & Events

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December 18, 2017


Commercial Banking

  • Deutsche Bank sells Poilsih private, commercial banking units to Sanatander for $359M


    Dec 14 -
    Deutsche Bank has agreed to sell parts of its Polish business to Santander for $359 million dollars. As part of the deal, the German bank will sell its Polish private and commercial banking units to the Spanish lender’s Polish division, Bank Zachodini. Deutsche Bank will maintain ownership of its investment and transaction banking businesses in the country.

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  • Automated derivatives processing platform, truPTS, gets Citi, JPMorgan on board


    Dec 12 -
    New York-based truPTS processing ecosystem for the derivatives market established a strategic relationship with JP Morgan and Citi to provide automation to market participants who process derivatives. The relationship helps truePTS address the regulatory and high cost pressures impacting industry participants with technology solutions, such as matching and validation engines as well as AI enhanced voice deal capture. JP Morgan and Citi are the first two companies to join truePTS, with other industry participants expected to join in early 2018.

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  • Citi makes changes to Asia private bank management in light of unit head's planned retirement in 2018


    Dec 12 -
    Citi has made several key changes to its private bank in Asia, ahead of unit head Bassam Salem's retirement next year. Citi's private bank created several new roles in Asia: Rudolf Hitsch will be north Asia head, Jyrki Rauhio south Asia head, and Akbar Shah head of business development. They will all report to Steven Lo, who is slated to replace Salem.

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Real Estate Finance

  • Bruman Realty acquires New York development assemblage


    Dec 14 -
    Bruman Realty is in contract to purchase a three-parcel assemblage, which includes a 27,200-square-foot parking lot, in Dumbo, N.Y. The parcels combined come with close to 200,000 buildable square-feet. Financial details were not disclosed but sources said the price is north of $59 million. Nest Seekers International represented the buyers.

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  • Baruch Singer planning mixed-use development in New York


    Dec 14 -
    Baruch Singer filed plans for a 10-story, 180,000-square-foot mixed-use building in New York. The building will include 63,340 square-feet of office space and 84,000 square-feet of community facility space to be occupied by a medical treatment center. Singer purchased the site in 2006 for $27 million.

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  • Tishman Speyer looking for $1.5B construction loan for New York project


    Dec 14 -
    Tishman Speyer is in the market for a $1.5-billion construction loan to finance its Spiral office development in the Hudson Yards area. The company has reportedly spoken to banks about the financing, but no deal appears imminent. Tishman is planning to build a 65-story, 1,005-foot-tall office tower spanning more than 2.8 million square-feet and is expected to cost $3.2 billion.

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Commercial Bankruptcy

  • ET Solar files for Chapter 11


    Dec 13 -
    ET Solar filed for Chapter 11 bankruptcy. According to court papers, the company listed less than $50,000 in assets and between $10 million and $50 million in liabilities, of which over $10 million is owed to three other ET Solar entities in China and Hong Kong. The company did not provide a reason for the filing and the company has notified the court that it has failed to file many of the required documents including a summary of assets and liabilities, a statement of financial affairs, and a statement of the company’s property.

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  • Knight Energy emerges from bankruptcy with new majority shareholder


    Dec 13 -
    Clearlake Capital successfully completed the recapitalization of Knight Energy Holdings, bring the company out of bankruptcy. The company was able to reduce its debt by more than $175 million and emerges from bankruptcy with a stronger balance sheet and liquidity profile.

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  • J.G. Wentworth files for Chapter 11, will use prepackaged reorganization plan


    Dec 12 -
    J.G. Wentworth filed for bankruptcy protection, citing issues with unsustainable debt obligations and new competition as the primary reasons. It marks the second time in less than nine years the company has filed for bankruptcy. The company plans to use a prepackaged reorganization plan, which has been approved by its lenders. J.G. Wentworth will also receive a revolving credit facility from one of its pre-filing lenders, which it will use to maintain operations through the process.

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