Sell now when the going is good
Ray Soudah, founder of MilleniumAssociates, an advisory firm for mergers and acquisitions in the private banking industry, says that now is the time to sell when it comes to smaller private banks, rather than later. According to Bear Stearns, consolidation is accelerating, with a record 65 deals completed in 2006. Although there have been some high profile deals, such as UBS selling SBC Wealth Management Bank Julius Baer and Wachovia’s plans to buy AG Edwards, many of the smaller private banks are attractive targets as the industry consolidates. “Now is the time to sell,” Soudah urged smaller banks.