Summary

Other Scenarios:

Buyer: Citigroup Inc. (C) Last Price: 32.92 Market Cap.: 96.07B
Target: ING Groep N.V. (ADR) (ING) Last Price: 8.54 Market Cap.: 32.71B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Business and Public Services   611
Finance 1,130

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 21)
  • Citicorp - Citibank
  • Citicorp - Banamex USA
  • Citicorp - Banamex
  • Citicorp - Citibank - Egg Banking plc (Internet)
Target (Total: 24)
  • ING Direct
  • ING Bank N.V.
  • ING Vysya Bank Ltd.
  • Bank Mendes Gans nv
Buyer
  • Citi Global Transaction Services
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 37)
  • Empresas ICA SA (ADR) (ICA)
  • Intersections Inc. (INTX)
  • MasterCard Incorporated (MA)
  • Boston Properties, Inc. (BXP)
Target (Total: 18)
  • Financial Engines Inc (FNGN)
  • CommonWealth REIT (CWH)
  • Oracle Corporation (ORCL)
  • The Bank of New York Mellon Corporation (BK)
Buyer (Total: 5)
  • Federal Home Loan Mortgage Corp (FMCC)
  • FXCM Inc (FXCM)
  • PT Panin Financial Tbk (PNLF:ID)
  • Man Group PLC (MNGPY)
Target (Total: 8)
  • Protective Life Corp. (PL)
  • CNO Financial Group, Inc. (CNO)
  • Financial Engines Inc (FNGN)
  • Employers Holdings, Inc. (EIG)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 263,000 99,454
Revenue Per Employee n/a 713,560.9
Total Revenue n/a 15,170.0
Total Expenses n/a 13,547.0
Other Revenue n/a 4,282.0
Cost of Revenue n/a n/a
SG&A Expense n/a 1,885.0
Research & Development n/a n/a
Other Operating Expense n/a 1,797.0
Operating Income n/a 1,623.0
Unusual Income n/a n/a
LT Debt to Capital 64.54 78.37
Fwd P/E 8.31 5.50
Fwd P/Rev 1.26 n/a
Book Value 177,060.0 47,528.0
Curr Portion of LTD/Cap Lease n/a n/a

Individual Company Summary

Focused

Buyer

Focused (): Finance

Target

Focused (): Finance > Insurance

Business Description

Buyer

Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2010, the Company had approximately 200 million customer accounts and did business in more than 160 countries and jurisdictions. Citigroup operates two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). On February 1, 2011, Citigroup acquired Maltby Acquisitions Limited (Maltby).

Target

ING Groep N.V. (ING) is a global financial institution offering banking, investments, life insurance and retirement services to meet the needs of the customers. It operates in six business segments: Retail Banking, ING Direct, Commercial banking, Insurance Europe, Insurance Americas and Insurance Asia/Pacific. In November 2009, the Company completed the sale of annuity and mortgage businesses in Chile to Corp Group Vida Chile, S.A., and it completed the sale of its life insurance and wealth management venture to ANZ. In January 2010, the Company completed the sale of its Swiss Private Banking business to Julius Baer. In January 2010, ING completed the sale of its Asian Private Banking business. In February 2010, the Company completed the sale of its United States independent retail broker-dealer units. In December 2010, the Company sold 5% stake in Fubon Financial Holding Co Ltd. In June 2011, the Company disposed Clarion Partners.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 100 100
Operating Margin % 47.24 9.69
Quick Ratio 0 0.03
Current Ratio 869,266.1 0.02
Coverage Ratio n/a n/a
Total Assets 1,935,992.0 1,282,296.0
Return on Equity % 26.02 49.59
Return on Assets % 2.38 1.84
Cash+ ST Inv. Per Share n/a 6.63
Total Debt 606,254.0 259,045.0
Total Debt to Equity % 341.8 545.04
Total Debt to Tangible Equity % 426.27 591.43
Debt to Asset % 31.31 20.20

Product Summary

Sector Buyer Target
Business and Public Services  
Business Services  
Professional Services
Includes accounting, advertising, consulting, legal, and printing services.
  
Finance
Banking
Domestic Banks
The Domestic banking sector includes banks operating in the United States.
International Banks
The International subsector includes large US and non-US banks operating outside the United States. International banks compete in the global banking market principally by offering: global trade and commodity services, corporate lending, industry financing, and loan syndication. They may also conduct retail operations through a branch network.
Insurance  
Insurance Brokerage
Insurance Brokerage services are comprised of companies distributing and reselling insurance policies created and managed by a third party.
  
Life/Health
The Life/Health subsector includes life insurance, health insurance, and annuities. Life insurance guarantees payment to a beneficiary, often when an insured person ceases to generate income, typically at death or retirement. Health insurance protects against financial loss resulting from medical bills, and/or the financial consequences of poor health. Health insurance policies in this area are typically supplemental policies providing benefits beyond those included in a managed care plan (Healthcare hierarchy).
  
Property/Casualty
The Property/Casualty subsector is comprised of insurance products and services that provide coverage for financial loss and legal liability arising from various types of personal, property/commercial property and casualty risks.
  
Investment
Asset Management and Financial Advisory
The Asset Management and Financial Advisory branch profiles services and companies involved in directly managing personal and institutional portfolios and investment instruments, as well as advisory services like retirement and financial planning, asset allocation, and risk assessment. Banks are generally not attached to the Asset Management and Financial Advisory branch unless their asset management or financial advisory subsidiaries clearly operate with a significant level of independence from the company's core banking operations. Asset Management targeted specifically at Retail customers are considered part of Retail Brokerage and Financial Management in the Securities Sales and Trading section.
Investment Banking/Corporate Finance
The Investment Banking subsector includes financial institutions that assist corporations and governments (municipalities) in raising capital by underwriting and acting as the agent in the issuance (syndication) of securities and bonds. Investment Banks also assist companies involved in mergers and acquisitions (M&A), derivatives (securitization, issuance, and trading) and may provide ancillary services such as market making which may include facilitating transactions (equities and fixed income), and the trading of derivatives, fixed income instruments, foeign exchange, commodity, and equity products. Investment Banks do offer advisory services to investors. Investment Banks do not take deposits.
 
Investment Holding Companies
Companies in this space make investments in a portfolio of holdings ranging from securities, capital structure vehicles, and public and private companies. Placement of companies in this branch represents a direct exposure to the underlying value of their holdings. This branch also includes diversified companies that source internal treasury funds for trading simple equities and fixed income products, a practice that differs from proprietary trading. Proprietary Trading can be found in the Securities, Sales, and Trading branch.
Securities Sales and Trading
The Securities Sales and Trading subsector consists primarily of services provided by investment firms acting as agents between a buyer and seller of securities, usually charging a commission, and are registered with the exchange where the securities are traded. Securities exchanges and ECNs are also included.
Real Estate  
Real Estate Investment and Services
Real estate brokers, developers, managers, mortgage investors, and property owners.
  
Specialty Finance
Collection Agencies and Factoring Services
A service whereby a factor purchases a company's accounts receivable and assumes the risk of collection for a certain percentage of their value. This service provides the company involved with immediate working capital, the remaining balance paid less a service fee when the debts are settled. Collection agencies are also included. These organizations provide outsourced accounts receivable management and collection services.

Target Products:

  • ING Commercial Finance
  
Commercial Finance
The Commercial subsector is comprised of independent finance companies, or financing subsidiaries of major industrial corporations. These lenders offer financial products and services to businesses that include small ticket and large ticket equipment leasing, commercial loans, and real estate loans.
  
Consumer Finance
Consumer loans are made for the purpose of financing automobiles, educational expenses, credit card purchases, and other consumer goods.
  
Mortgage Banking
Mortgage banking encompasses mortgage financing, as well as home equity loans, commercial construction, and other real estate financing options.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Business and Public Services  
Business Services  
Professional Services  
Electronic Transaction Processing and Clearinghouse Activities  
Electronic Payment Processing
Includes companies engaged in the electronic payment transaction processing activities such as credit, debit, gift and loyalty card and other payment processing services, along with related information services. Electronic Funds Transfer (EFT) and Automated Clearing House (ACH) activities are also included.

Buyer Products:

  • Citi Global Transaction Services
  
Finance
Banking
Domestic Banks
Commercial Banks
Internet Banks
Commercial banks that conduct their operations online. This does not include the internet operations of brick and mortar commercial banks.

Target Products:

  • ING Direct
  
Midwest  
East North Central  
Illinois
Commercial banks that conduct their operations in the state of Illinois.

Buyer Products:

  • Citicorp - Citibank
  
Northeast  
Middle Atlantic  
Delaware
Commercial banks that conduct their operations in the state of Delaware.

Buyer Products:

  • Citicorp - Citibank
  
District of Columbia
Commercial banks that conduct their operations in the District of Columbia.

Buyer Products:

  • Citicorp - Citibank
  
Maryland
Commercial banks that conduct their operations in the state of Maryland.

Buyer Products:

  • Citicorp - Citibank
  
New Jersey
Commercial banks that conduct their operations in the state of New Jersey.

Buyer Products:

  • Citicorp - Citibank
  
New York
Commercial banks that conduct their operations in the state of New York.

Buyer Products:

  • Citicorp - Citibank
  
Pennsylvania
Commercial banks that conduct their operations in the commonwealth of Pennsylvania.

Buyer Products:

  • Citicorp - Citibank
  
New England  
Connecticut
Commercial banks that conduct their operations in the state of Connecticut.

Buyer Products:

  • Citicorp - Citibank
  
Massachusetts
Commercial banks that conduct their operations in the commonwealth of Massachusetts.

Buyer Products:

  • Citicorp - Citibank
  
South  
South Atlantic  
Florida
Commercial banks that conduct their operations in the state of Florida.

Buyer Products:

  • Citicorp - Citibank
  
U.S. Territories (Puerto Rico)
Commercial Banks that conduct their operations in Puerto Rico, Guam, U.S. Virgin Islands, or Northern Samoa.

Buyer Products:

  • Citicorp - Citibank
  
Virginia
Commercial banks that conduct their operations in the commonwealth of Virginia.

Buyer Products:

  • Citicorp - Citibank
  
West South Central  
Texas
Commercial banks that conduct their operations in the state of Texas.

Buyer Products:

  • Citicorp - Citibank
  
West  
Mountain  
Nevada
Commercial banks that conduct their operations in the state of Nevada.

Buyer Products:

  • Citicorp - Citibank
  
Pacific  
California
Commercial banks that conduct their operations in the state of California.

Buyer Products:

  • Citicorp - Banamex USA
  • Citicorp - Citibank
  
International Banks
Americas
Canada
Corporate
International institutions that conduct corporate financial operations in Canada. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Buyer Products:

  • Citicorp - Citibank
  
Retail
International banks that conduct retail banking operations in Canada. Retail banking operations provide financial services directly to the public through a network of bank branches.

Target Products:

  • ING Direct
  
Caribbean  
Retail
International banks that conduct retail banking operations in the Caribbean. Retail banking operations provide financial services directly to the public through a network of bank branches.

Buyer Products:

  • Citicorp - Citibank
  
Latin America
Corporate
International banks that conduct corporate banking operations in Latin America. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Buyer Products:

  • Citicorp - Citibank
  • Citicorp - Banamex

Target Products:

  • ING Bank N.V.
Retail
International banks that conduct retail banking operations in Latin America. Retail banking operations provide financial services directly to the public through a network of bank branches.

Buyer Products:

  • Citicorp - Citibank
  • Citicorp - Banamex
  
Asia/Pacific
Australia/New Zealand
Corporate
International institutions that conduct corporate financial operations in Australia/New Zealand. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Buyer Products:

  • Citicorp - Citibank
  
Retail
International banks that conduct retail banking operations in Australia/New Zealand. Retail banking operations provide financial services directly to the public through a network of bank branches.

Buyer Products:

  • Citicorp - Citibank

Target Products:

  • ING Direct
Other Asia/Pacific
Corporate
International institutions that conduct corporate financial operations in Asia/Pacific. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Buyer Products:

  • Citicorp - Citibank

Target Products:

  • ING Bank N.V.
Retail
International banks that conduct retail banking operations in Asia/Pacific. Retail banking operations provide financial services directly to the public through a network of bank branches.

Buyer Products:

  • Citicorp - Citibank

Target Products:

  • ING Vysya Bank Ltd.
EMEA (Europe, Middle East, Africa)
Africa  
Corporate
International institutions that conduct corporate financial operations in Africa. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Buyer Products:

  • Citicorp - Citibank
  
Retail
International banks that conduct retail banking operations in Africa. Retail banking operations provide financial services directly to the public through a network of bank branches.

Buyer Products:

  • Citicorp - Citibank
  
Europe
Corporate
International banks that conduct corporate banking operations in Europe. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Buyer Products:

  • Citicorp - Citibank

Target Products:

  • ING Bank N.V.
  • Bank Mendes Gans nv
Retail
International banks that conduct retail banking operations in Europe. Retail banking operations provide financial services directly to the public through a network of bank branches.

Buyer Products:

  • Citicorp - Citibank - Egg Banking plc (Internet)
  • Citicorp - Citibank

Target Products:

  • ING Bank Slaski S.A.
  • ING Direct
  • ING Bank N.V.
Middle East
Corporate
International banks that conduct corporate banking operations in the Middle East. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Buyer Products:

  • Citicorp - Citibank

Target Products:

  • ING Bank N.V.
Retail
International banks that conduct retail banking operations in the Middle East. Retail banking operations provide financial services directly to the public through a network of bank branches.

Buyer Products:

  • Citicorp - Citibank
  
Insurance  
Insurance Brokerage  
Life/Health  
Domestic  
Annuities
Companies distributing and reselling insurance policies that guarantee a periodic payment to a contract's beneficiary commence at a specified or contingent date and continues throughout a fixed period or for the duration of a designated life or lives.

Target Products:

  • ING Financial Partners
  
Health
Companies distributing and reselling insurance policies that coordinate major medical coverage with various group and individual health related and life insurance services.

Target Products:

  • ING Financial Partners
  
Life
This sector is comprised of companies distributing and reselling a variety of life insurance policies to individuals and employers residing within the United States, or its territories.

Target Products:

  • ING Financial Partners
  
International  
Life
This sector is comprised of companies distributing and reselling a variety of life insurance policies to individuals and employers residing outside the United States, or its territories.

Target Products:

  • ING Brokerage (ING E.A.E.M.A)
  
Life/Health  
Domestic  
Annuities
A contract sold by life insurance companies or investment professional that guarantees that a periodic payment to a contract's beneficiary commence at a specified or contingent date and continues throughout a fixed period or for the duration of a designated life or lives. There are a number of different types of annuities: fixed rate, flexible premium, variable, immediate, deferred, equity-linked index annuities, and others.

Target Products:

  • ING USA Annuity and Life Insurance Company
  • Reliastar Life Insurance Company
  • ING Life Insurance and Annuity Company
  
Life  
Group Life Insurance
Includes several types of life insurance which build a cash value and are underwritten on a group basis. Group permanent life insurance is often utilized to fund group pension plans and/or to provide life insurance coverage that will continue after retirement. The employee is also given a conversion privilege.

Target Products:

  • Reliastar Life Insurance Company
  • ING North America Insurance Corporation
  
Life Insurance
Life insurance typically purchased by an individual. Policies are offered in different forms, providing different payment and benefit options. Typical policies include traditional whole life and various forms of term life and non-traditional life insurance. Policies are generally targeted at individuals residing in the United States.

Target Products:

  • Security Life Of Denver Insurance Company
  • Reliastar Life Insurance Company
  
Supplemental Health  
Accidental Death/Dismemberment
A supplementary benefit rider or endorsement that provides to the insured a sum of money in addition to the basic death benefit of a life insurance policy. This additional amount is payable only if the insured dies or loses any two limbs or the sight of both eyes as the result of an accident.

Target Products:

  • Reliastar Life Insurance Company
  
Group Disability
Disability income insurance, provided on a group basis, is designed to compensate insured employees for a portion of the income they lose because of a disabling injury or illness. The coverage is inclusive of short-term and long-term disability periods.

Target Products:

  • Reliastar Life Insurance Company
  
Group Long Term Care
Coverage available on a group basis to provide medical and other services to patients who primarily need constant skilled-nursing care, intermediate care, or custodial care due to an accident, chronic illness, cognitive impairment or the natural course of aging.

Target Products:

  • Reliastar Life Insurance Company
  
Individual Disability
Disability income insurance provided to individuals is designed to compensate insured's for a portion of the income they lose because of a disabling injury or illness. The coverage is inclusive of short-term and long-term disability periods.

Target Products:

  • Reliastar Life Insurance Company
  
Individual Long Term Care
Coverage available on an individual basis to provide medical and other services to patients who primarily need constant skilled-nursing care, intermediate care, or custodial care due to an accident, chronic illness, cognitive impairment or the natural course of aging.

Target Products:

  • Reliastar Life Insurance Company
  
Medical Stop Loss
Medical Stop Loss coverage limits an employer's liabilities in the administration of self-funded medical plans.

Target Products:

  • Reliastar Life Insurance Company
  
International  
Annuities
A contract sold by life insurance companies or investment professional that guarantees that a periodic payment to a contract's beneficiary commence at a specified or contingent date and continues throughout a fixed period or for the duration of a designated life or lives. There are a number of different types of annuities: fixed rate, flexible premium, variable, immediate, deferred, equity-linked index annuities, and others.

Target Products:

  • ING Life Insurance Company (Japan) Limited
  • ING Life Insurance Company (Korea) Limited
  
Life  
Group Life Insurance
Includes several types of life insurance which build a cash value and are underwritten on a group basis. Group permanent life insurance is often utilized to fund group pension plans and/or to provide life insurance coverage that will continue after retirement.

Target Products:

  • ING Insurance Berhad
  • ING Life Insurance Company (Japan) Limited
  
Life Insurance
Life insurance typically purchased by an individual. Policies are offered in different forms, providing different payment and benefit options. Typical policies include traditional whole life and various forms of term life and non-traditional life insurance. Policies are generally targeted at individuals residing outside the United States.

Target Products:

  • ING Insurance Berhad
  • ING Life Insurance Company (Korea) Limited
  • ING Life Insurance Company (Japan) Limited
  • ING Life Insurance Company (Bermuda) Limited
  
Supplemental Health  
Accidental Death/Dismemberment
A supplementary benefit rider or endorsement that provides to the insured a sum of money in addition to the basic death benefit of a life insurance policy. This additional amount is payable only if the insured dies or loses any two limbs or the sight of both eyes as the result of an accident.

Target Products:

  • ING Insurance Berhad
  • ING Life Insurance Company (Bermuda) Limited
  • ING Life Insurance Company (Japan) Limited
  
Group Accident/Health
Plans that provide cover, on a group basis, full reimbursement of medical expenses necessarily incurred during the period of insurance together with personal accident coverage in the event of accidental death.

Target Products:

  • ING Life Insurance Company (Bermuda) Limited
  
Group Health
Health insurance provided to employees on a group basis that includes many different types of insurance coverage, including hospital confinement insurance, hospital expense insurance, surgical expense insurance, major medical insurance, dental expense insurance, prescription drug insurance, and vision care insurance.

Target Products:

  • ING Insurance Berhad
  • ING Life Insurance Company (Bermuda) Limited
  
Group Long Term Care
Coverage available on a group basis to provide medical and other services to patients who primarily need constant skilled-nursing care, intermediate care, or custodial care due to an accident, chronic illness, cognitive impairment or the natural course of aging.

Target Products:

  • ING Life Insurance Company (Japan) Limited
  
Individual Health
Health insurance provided on an individual basis that includes many different types of insurance coverage, including hospital confinement insurance, hospital expense insurance, surgical expense insurance, major medical insurance, dental expense insurance, prescription drug insurance, and vision care insurance.

Target Products:

  • ING Insurance Berhad
  
Individual Long Term Care
Coverage available on an individual basis to provide medical and other services to patients who primarily need constant skilled-nursing care, intermediate care, or custodial care due to an accident, chronic illness, cognitive impairment or the natural course of aging.

Target Products:

  • ING Insurance Berhad
  • ING Life Insurance Company (Japan) Limited
  
Property/Casualty  
International  
Business Insurance  
Property
Insurance that indemnifies the insured business if insured items are damaged or lost because of fire, theft, accident, or other cause as stipulated in the policy.

Target Products:

  • ING Life Insurance Company (Bermuda) Limited
  
Personal  
Auto
Insurance coverage, in the event of an accident, for personal motor vehicles that pays for property damage and bodily injury, and is inclusive of legal bills.

Target Products:

  • ING Insurance Berhad
  • ING Life Insurance Company (Bermuda) Limited
  
Homeowners/Renters
Insurance coverage for liability and damage that is related to one's personal dwelling, mobile home, personal property, flood and earthquake coverage. Renters' insurance coverage is also included in this category.

Target Products:

  • ING Insurance Berhad
  • ING Life Insurance Company (Bermuda) Limited
  
Recreational Vehicles/Watercraft
Insurance, not included by the standard homeowners policy, covering boats and yachts, recreational vehicles (RVs) and motor homes, motorcycles, classic cars, and other personal recreational vehicles.

Target Products:

  • ING Life Insurance Company (Bermuda) Limited
  
Specialty Commercial  
Fiduciary & Fidelity
Insurance that arises from the offering of employee benefit plans but involves claims that result from the breach of fiduciary duties, such as pension plan losses because of improper investments.

Target Products:

  • ING Life Insurance Company (Bermuda) Limited
  
Inland Marine
Coverage that provides protection for goods in transit that are vulnerable to theft, loss, damage and hijacking. Policies include coverage for goods in transit, property held by bailees, mobile equipment and property, property of certain dealers, instrumentalities of transportation and communication, and differences in conditions.

Target Products:

  • ING Life Insurance Company (Bermuda) Limited
  
Professional Liability
Insurance coverage to protect against liability for neglecting to utilize the degree of skill required of an individual within a particular occupation.

Target Products:

  • ING Life Insurance Company (Bermuda) Limited
  
Workers` Compensation
Workers' Compensation provides medical, rehabilitative, and lost-wage benefits to employees for job-related illnesses or injuries. Death benefits to eligible surviving dependents are also provided.

Target Products:

  • ING Life Insurance Company (Bermuda) Limited
  
Investment
Asset Management and Financial Advisory
Alternative Investment Managers
Credit and Collateralized Alternative Funds
Companies placed at this level create and manage multi-strategy credit-oriented investment funds as well as funds that make investments in collateralized instruments such as CDOs and CLOs.

Buyer Products:

  • Citi Capital Advisors
  
Fund of Funds  
Fund of Hedge Funds
Companies placed at this level create and manage fund of hedge funds, which consists of a fund that invests in a portfolio of different hedge funds to provide broader exposure and to diversify risk. Funds of hedge funds generally charge a fee for their services which is in addition to the hedge fund's management and performance fees.

Target Products:

  • ING Investment Management
  
Hedge Funds
Companies placed at this level develop, manage, and support hedge funds. A hedge fund is a fund, usually used by wealthy individuals and institutions, which is allowed to use aggressive strategies that are unavailable to mutual funds, including selling short, leverage, program trading, swaps, arbitrage, and derivatives. Hedge funds are exempt from many of the rules and regulations governing mutual funds, which allows them to accomplish aggressive investing goals. Legal requirements in many countries allow only certain sophisticated investors to participate in hedge funds. Hedge funds are typically offered to institutional and high net worth investors. Hedge fund companies typically offer other types of investment instruments and asset management services.

Target Products:

  • ING Investment Management
  
Infrastructure Funds
Companies placed here manage funds that make investments in the transportation, communication, and utilities sectors as well as educational and healthcare facilities.

Buyer Products:

  • Citi Capital Advisors - Infastructure
  
Private Equity/Venture Capital Funds
Companies at this level are management service companies that manage private equity and venture capital funds and derive revenues primarily from management fees and administration fees.

Buyer Products:

  • Citi Capital Advisors - Private Equity - Citi Venture Capital International

Target Products:

  • ING Investment Management
Real Estate Funds
Companies placed here manage funds related to real estate that consist of investments in commercial and residential property as well as investments in real estate securities and strategies. These investments are made on behalf of institutional and high net worth clients and can be pooled together as co-investments with the fund manager.

Target Products:

  • ING Investment Management
  • ING Funds
  
Institutional/High-Net Advisory
Institutions
Financial advisory and/or asset management services for institutions, corporations, governments, financial intermediaries, unions, endowments, foundations and pension funds. Includes alternative investment placement agents (or fund placement agents) who raise money for and direct money towards private equity funds, venture capital funds and hedge funds. Also includes separately managed accounts.

Buyer Products:

  • Citi Capital Advisors

Target Products:

  • ING Investment Management
Private Wealth Management
Financial advisory and/or asset managements services for high net worth individuals.

Buyer Products:

  • Citi Capital Advisors
  • Citi Private Bank

Target Products:

  • ING Wealth Management
  • ING Private Banking
Traditional Investment Products  
Equity Funds
Companies placed at this level develop, manage, market and support equity mutual funds. Mutual funds are funds invested in domestic and international equities. Blended funds consisting of both equity and debt components are also included. Mutual funds generally have clearly stated investment objectives, including benchmark indexing, a growth or value bias, or an industry focus.

Target Products:

  • ING Funds
  
Fixed Income
Companies placed at this level develop, manage, market and support fixed income funds. Fixed income funds are funds invested in short-, intermediate-, and long-term government and/or corporate bonds and other debt instruments. Funds invested solely in very short-term, high-quality issues are classified under money market funds.

Target Products:

  • ING Funds
  
Money Market
Companies placed at this level develop, manage, market and support money market funds. Money market funds are funds invested in high-quality, short-term investments such as T-bills, high-grade commercial paper from various corporations, and CDs from the major money center banks.

Target Products:

  • ING Funds
  
Investment Banking/Corporate Finance  
Bulge Bracket
Companies included in the Bulge Bracket sector are capable of participating in the largest, most high-profile deals in more than one of the primary world economic regions. These global investment banks are also active in asset management, trading, and securities services.

Buyer Products:

  • Citigroup Global Markets Inc.
  
Investment Holding Companies
Private Equity/Venture Capital
Private Equity refers to investments made in non-public companies or assets through transactions possibly structured using common and preferred equity, convertible securities, subordinated debt and warrants or other derivatives. Venture Capital generally refers to investments made in new and emerging companies. Companies placed here make direct private equity or venture capital investments to enhance strategic growth opportunities and generate returns to create long-term value. Often the investing company will also partner with management in transactions to initiate strategic and operational changes in businesses or engage in leveraged buyouts. Also included is mezzanine financing, which is a hybrid financial instrument often employed in buyouts and other private equity transactions. Mezzanine financing is subordinated to senior debt. It carries a higher rate of interest than senior debt, and it may be bundled with an equity participation (warrants or common stock).

Buyer Products:

  • Citi Capital Advisors - Private Equity - Citi Venture Capital International

Target Products:

  • Parcom Capital B.V.
Securities Sales and Trading
Brokerage Services
Institutional  
Market Maker/Specialists
Brokerages that hold an inventory of shares or contracts of a security, commodity, currency, futures and options and facilitate the trading of that security, commodity, currency, futures and options by quoting a buy and sell price with the goal of profiting off the bid/offer spread. The NYSE and AMEX have Designated Market Makers, formerly known as "specialists", who act as the official market maker for a given security. The market makers provide a required amount of liquidity to the security's market, and take the other side of trades when there are short-term buy and sell side imbalances in customer orders. The NASDAQ employes several competing official market makers in a security. These market makers are required to maintain two-sided markets during exchange hours and are obligated to buy and sell at their displayed bids and offers.

Buyer Products:

  • Citigroup Global Markets Inc.
  
Trade Execution
Brokerages that execute the buying and selling of securities, commodities, currencies, futures and options on behalf of institutional clients in futures and options and currency markets.

Buyer Products:

  • CitiFX Pro
  • Citigroup Global Markets Inc.
  
Retail
Retail Advisory
Retail Advisory services includes a range of wealth management, retirement planning, trust, and financial advisory services targeted primarily at individuals and families. Companies and service offerings placed at this level may include some high net worth clients, but the services are generally accessible to investors with more moderate levels of wealth and income.

Target Products:

  • ING Financial Partners
  • ING Investment Management
  
Retail Brokerage Services
Brokerage services targeted primarily at retail and active traders. Online brokerages are included. Also includes brokerage and other support services offered to registered investment advisors (RIAs).

Buyer Products:

  • CitiFX Pro

Target Products:

  • ING Financial Partners
  • ING Investment Management
Custody, Clearing, and Settlement
Custody, Clearing, and Settlement includes a range of support services offered to financial institutions. Custody is the holding and administering of securities on behalf of third parties. A Clearing House is a financial institution that provides clearing and settlement services for financial and commodities derivatives and securities transactions that may be executed on a futures or securities exchange. Clearing Houses act as intermediaries and reconciles orders between transacting parties (a.k.a. "member firms or "clearing participants"). Settlement services refer to the accounting of securities that are transferred against payment, typically when parties are not members of the same clearing firm. Mutual funds, investment advisors, banks, and insurance companies often outsource these operations to companies placed here. Companies that offer prime brokerage services are included here.

Buyer Products:

  • Citi - Prime Finance
  • Global Transaction Services
  
Issuance and Securitization
Issuance refers to the origination and offering of structured products, primarily derivatives. Securitization refers to the process through which an issuer creates a financial instrument, primarily asset-backed securities (ABS), by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. Companies within this sector originate and issue derivatives and/or ABS. Derivatives are products in which the risk-return objectives have been adjusted to match the performance of one or more underlying assets. ABS are securities which are collateralized by a pool of underlying, often illiquid, assets. Companies which originate derivatives earn a commission at the time of issuance while originators of ABS earn a commission at the time of issuance and management fees for the life of the product. Also included are the issuance of collateralized debt obligations (CDO), credit default swaps (CDS), and products in compliance with Islamic law, such as sukuks.

Buyer Products:

  • Citi - Institutional Clients Group - Capital Markets Origination
  • Citi - Institutional Clients Group - Global Markets Products
  
Proprietary Trading  
Commodities
Companies placed here trade commodities, and related derivative instruments, with a primary goal of generating excess profit. Also includes advanced commodity brokerage capabilities.

Buyer Products:

  • Citi - Institutional Clients Group - Sales and Trading
  • Citi - Institutional Clients Group - Sales, Trading and Quantitative Analysis
  
Currencies
Companies placed here trade currencies, and related derivative instruments, with a primary goal of generating excess profit. Also includes advanced currency brokerage capabilities.

Buyer Products:

  • Citi - Institutional Clients Group - Sales and Trading
  • Citi - Institutional Clients Group - Sales, Trading and Quantitative Analysis
  
Equities
Companies placed here trade equity securities, and related derivative instruments, with a primary goal of generating excess profit.

Buyer Products:

  • Citi - Institutional Clients Group - Sales and Trading
  • Citi - Institutional Clients Group - Sales, Trading and Quantitative Analysis
  
Fixed Income
Companies placed here trade fixed-income securities, and related derivative instruments, with a primary goal of generating excess profit. Includes the trading of asset-backed securities.

Buyer Products:

  • Citi - Institutional Clients Group - Sales and Trading
  • Citi - Institutional Clients Group - Sales, Trading and Quantitative Analysis
  
Research
Economic Research
Services provided by investment firms that involve the gathering of statistical data and study of general trends in the economy.

Buyer Products:

  • Citi Investment Research

Target Products:

  • ING Financial Partners
Securities Research
Services provided by investment firms that involve the analysis of particular securities, commodities and industries.

Buyer Products:

  • Citi Investment Research
  • Citigroup Global Markets Inc.

Target Products:

  • ING Financial Partners
Real Estate  
Real Estate Investment and Services  
Developers
Companies engaged in any combination of land assembly, development, financing, building and the lease or sale of residential, commercial, and industrial property upon that land.

Target Products:

  • ING Real Estate
  
Specialty Finance
Collection Agencies and Factoring Services
A service whereby a factor purchases a company's accounts receivable and assumes the risk of collection for a certain percentage of their value. This service provides the company involved with immediate working capital, the remaining balance paid less a service fee when the debts are settled. Collection agencies are also included. These organizations provide outsourced accounts receivable management and collection services.

Target Products:

  • ING Commercial Finance
  
Commercial Finance  
Commercial Loans  
Term Loans
Term loans are loans wherein the debtor does not repay the principal until the loan is due.

Target Products:

  • ING Commercial Finance
  
Leasing  
Auto Fleet
Leases offered for vehicle fleets. Auto Fleet equipment includes cars, vans, and light trucks.

Target Products:

  • ING Lease Holding NV
  
Commercial Vehicles/Auto
Includes leases offered for commercial vehicles or automobiles.

Target Products:

  • ING Lease Holding NV
  
Farm Equipment
Leases for types of agricultural equipment such as farm machinery, tractors, combines and harvesters.

Target Products:

  • ING Lease Holding NV
  
General Equipment
Leases for general equipment.

Target Products:

  • ING Lease Holding NV
  
Industrial Equipment
Leases for types of industrial equipment including manufacturing equipment, material-handling machinery, food-processing systems, mining, woodworking and construction equipment, machine tools, printing presses and packaging machinery.

Target Products:

  • ING Lease Holding NV
  
Medical Equipment
Includes leases for valuable and specialized healthcare equipment including Magnetic Resonance Imaging systems (MRIs), Computerized Tomography scanners (CT Scanners), Ultrasound equipment, Radiation Therapy equipment and Gamma Knives. Also Includes leases for all types of specialized healthcare equipment used by dental and physicians' groups, including lab equipment, examination tables and diagnostic equipment.

Target Products:

  • ING Lease Holding NV
  
Office Equipment
Includes leases offered for office equipment excluding technology equipment.

Target Products:

  • ING Lease Holding NV
  
Rail
Leases for types of transportation equipment including covered hopper cars, tank cars, box cars, pressure differential cars, coal cars. Also includes specialty railcars for a broad range of industries, including agriculture, forest products, utilities, petrochemicals/chemicals, auto, steel and consumer goods.

Target Products:

  • ING Lease Holding NV
  
Technology Equipment
Covers leases for high-value, high-technology equipment such as communications technology, industrial technology, information technology and office automation equipment.

Target Products:

  • ING Lease Holding NV
  
Trucks/Trailers
Leasing for types of transportation equipment that includes medium and heavy trucks, tractor-trailer rigs, over-the-road trailers, dry freight vans, refrigerated vans, flatbeds, doubles vans, domestic and marine chassis.

Target Products:

  • ING Lease Holding NV
  
Consumer Finance  
Credit Cards
Unsecured lines of credit accessible through the use of a card. Consumer Credit Cards are issued by lenders for consumer use, and give cardholders the right to charge purchases and pay for them later.

Buyer Products:

  • Citi Holdings - Credit Cards
  
Personal
A loan offered to consumers for general purposes, including debt consolidation, education, and other personal uses. Loan repayment is on an installment basis. The personal loans are typically made on an unsecured basis.

Buyer Products:

  • Citi Holdings - CitiFinancial
  
Mortgage Banking  
Financial Services  
Commercial Mortgage Banking and Services  
Real Estate Loans
Real estate loans consist of loans secured by commercial real property and loans for the construction of commercial property.

Buyer Products:

  • Citi Holdings - CitiMortgage, Inc.
  
Loan Servicing
Loan servicing includes the collecting of principal and interest and remitting the same to the holders of the mortgage loans or mortgage-backed securities to which such mortgage loan relates. The service may include holding escrow funds for the payment of real estate taxes and insurance premiums, contacting delinquent borrowers, supervising foreclosures in the event of un-remedied defaults, and generally administering the loans. Sector may also include advisory services offered to mortgage loan issuers and/or investors.

Buyer Products:

  • Citi Holdings - CitiMortgage, Inc.
  
Residential Mortgage Banking and Services  
Home Equity
A loan or a line of credit that allows a homeowner to use the equity in the property. When a loan is made, the lender places a lien against the house. In the case of default, the First Mortgage has a priority of claim over the lien that secures a Home Equity Loan.

Buyer Products:

  • Citi Holdings - CitiFinancial
  • Citi Holdings - CitiMortgage, Inc.
  
Mortgage Origination
Residential Mortgage Origination is the process of underwriting, closing and funding mortgage loans in-house. The originator obtains a pricing premium compared to wholesale mortgage pricing, because they have the financial backing to accept the risk associated with non-performing loans. Non-REIT companies engaged in investing in residential mortgage securities are also included.

Buyer Products:

  • Citi Holdings - CitiMortgage, Inc.
  
Real Estate Loans
Real estate loans consist of loans secured by residential real property and loans for the construction of residential property.

Buyer Products:

  • Citi Holdings - CitiMortgage, Inc.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Discover Financial Services n/a 15,376.969 7.75 8.57 9.90 2.84 1.97
MF Global Holdings Ltd n/a 12.037 n/a 0.20 0.01 n/a 0.01
Value Grupo Financiero SAB de CV n/a n/a n/a n/a n/a n/a n/a
Buyer
  Itau Unibanco Holding SA (ADR) n/a 96,949.553 3.33 10.59 n/a 2.11 1.44
Banco Bradesco SA (ADR) n/a 69,458.277 7.79 10.44 5.22 2.05 n/a
Target
  China Life Insurance Company Ltd. (ADR) n/a 79,857.227 1.12 17.57 0.55 n/a 0.46
MetLife, Inc. n/a 39,010.954 6.04 7.35 0.47 0.59 0.81
AXA SA n/a 37,592.035 4.67 6.74 0.18 n/a n/a
Prudential Public Limited Company (ADR) n/a 28,726.535 9.54 10.82 0.34 n/a 2.55
Prudential Financial, Inc. n/a 28,674.000 8.16 8.54 0.62 0.68 n/a
Discover Financial Services n/a 15,376.969 7.75 8.57 9.90 2.84 1.97
AEGON N.V. (ADR) n/a 9,510.077 56.28 7.11 0.22 n/a 0.46
Hartford Financial Services n/a 8,864.266 19.30 6.08 0.41 0.82 0.40
Principal Financial Group, Inc. n/a 8,216.203 10.90 8.61 0.97 0.97 0.90
Lincoln National Corporation n/a 7,451.048 9.52 6.11 0.70 0.67 0.63
American Financial Group n/a 3,762.325 16.46 10.46 0.79 1.22 0.83
American Equity Investment Life Holding n/a 711.325 17.47 5.99 0.59 0.49 0.52
Horace Mann Educators Corporation n/a 673.429 9.64 9.16 0.67 n/a 0.62
Bancorp Inc n/a 268.890 21.55 13.61 12.78 2.15 1.02
MF Global Holdings Ltd n/a 12.037 n/a 0.20 0.01 n/a 0.01
Grupo Profuturo SAB de CV n/a n/a n/a n/a n/a n/a n/a
Value Grupo Financiero SAB de CV n/a n/a n/a n/a n/a n/a n/a
Aviva Plc (ADR) n/a n/a n/a 5.37 n/a n/a n/a
Baloise-Holding AG n/a n/a n/a n/a n/a n/a n/a
Rabobank Group n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Pegasystems Inc. n/a 1,105.954 156.75 36.13 2.83 2.26 9.28
Empresa Nacional de Telecomunicaciones SA ENTEL n/a n/a n/a n/a n/a n/a n/a
Buyer
  Empresas ICA SA (ADR) 29.60% 1,131.447 0.70 26.54 0.03 0.33 0.07
Intersections Inc. 10.00% 214.802 10.59 14.35 0.58 0.61 4.23
MasterCard Incorporated n/a 50,334.024 26.73 18.11 7.50 6.71 12.02
Boston Properties, Inc. n/a 15,245.759 36.04 22.00 5.03 8.91 3.13
IntercontinentalExchange, Inc. n/a 9,905.148 19.56 16.85 7.46 6.69 27.20
Target
  Financial Engines Inc 6.00% 1,069.268 63.03 64.73 7.84 6.12 5.39
CommonWealth REIT 1.10% 1,705.597 14.29 6.04 1.58 1.77 0.47
Oracle Corporation n/a 144,341.850 15.50 12.84 3.93 3.91 11.00
The Bank of New York Mellon Corporation n/a 26,404.241 10.84 9.59 n/a 1.83 2.55
Fidelity National Information Services n/a 8,766.851 19.00 11.46 1.55 1.47 n/a
Qlik Technologies Inc n/a 2,469.147 430.89 85.14 8.40 6.36 15.01
Pegasystems Inc. n/a 1,105.954 156.75 36.13 2.83 2.26 9.28
Formula Systems (1985) Ltd. (ADR) n/a 227.651 5.20 n/a 0.36 n/a 6.56
Magic Software Enterprises Ltd n/a 209.493 14.91 13.98 1.94 1.64 4.10
Sapiens International Corporation N.V. n/a 158.289 18.72 n/a 2.64 n/a 1.33
Tullett Prebon PLC n/a n/a n/a n/a n/a n/a n/a
Acanthe Developpement SA n/a n/a n/a n/a n/a n/a n/a
Alterian PLC n/a n/a n/a n/a n/a n/a n/a
Aegis Group PLC n/a n/a n/a n/a n/a n/a n/a
Microgen PLC n/a n/a n/a n/a n/a n/a n/a
Wincor Nixdorf AG n/a n/a n/a n/a n/a n/a n/a
Misys PLC n/a n/a n/a n/a n/a n/a n/a
Empresa Nacional de Telecomunicaciones SA ENTEL n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Federal Home Loan Mortgage Corp n/a 203.359 n/a n/a 0.00 n/a n/a
FXCM Inc n/a 182.237 19.46 10.79 0.45 0.50 5.73
PT Panin Financial Tbk n/a n/a n/a n/a n/a n/a n/a
Man Group PLC n/a n/a n/a 8.68 n/a n/a n/a
PT Panin Insurance Tbk n/a n/a n/a n/a n/a n/a n/a
Target
  Protective Life Corp. n/a 2,470.204 7.65 7.94 0.71 0.64 0.59
CNO Financial Group, Inc. n/a 1,790.920 3.67 10.18 0.43 0.44 0.36
Financial Engines Inc n/a 1,069.268 63.03 64.73 7.84 6.12 5.39
Employers Holdings, Inc. n/a 681.019 14.51 30.59 1.55 1.41 1.49
Kansas City Life Insurance Co n/a 388.614 17.05 14.25 1.20 0.94 n/a
Eastern Insurance Holdings Inc n/a 118.942 n/a 19.31 0.90 0.80 1.09
First united corporation n/a 23.198 n/a n/a 0.50 n/a 0.24
AFP Habitat SA HABITAT n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Exxon Mobil Corporation n/a 407,445.237 10.14 10.28 0.84 0.87 n/a
Royal Dutch Shell PLC n/a 227,491.246 4.68 n/a 0.48 n/a 1.38
Target
  Unilever N.V. (ADR) n/a 156,238.508 30.05 15.05 1.98 2.37 n/a
The Bank of New York Mellon Corporation n/a 26,404.241 10.84 9.59 n/a 1.83 2.55
Koninklijke Ahold N.V. (ADR) n/a 16,092.149 14.03 11.56 0.41 0.40 3.26
KB Financial Group, Inc. (ADR) n/a 14,994.309 0.01 8.06 n/a n/a 0.00
Federal Realty Inv. Trust n/a 5,978.489 28.70 22.79 7.27 10.44 4.63
Protective Life Corp. n/a 2,470.204 7.65 7.94 0.71 0.64 0.59
CNO Financial Group, Inc. n/a 1,790.920 3.67 10.18 0.43 0.44 0.36
PostNL N.V. n/a 1,580.656 4.53 6.40 0.17 0.27 27.73
Financial Engines Inc n/a 1,069.268 63.03 64.73 7.84 6.12 5.39
Employers Holdings, Inc. n/a 681.019 14.51 30.59 1.55 1.41 1.49
Kansas City Life Insurance Co n/a 388.614 17.05 14.25 1.20 0.94 n/a
Eastern Insurance Holdings Inc n/a 118.942 n/a 19.31 0.90 0.80 1.09
First united corporation n/a 23.198 n/a n/a 0.50 n/a 0.24
INTERHYP AG n/a n/a n/a n/a n/a n/a n/a
AFP Integra SA INTEGRA n/a n/a n/a n/a n/a n/a n/a
AFP Habitat SA HABITAT n/a n/a n/a n/a n/a n/a n/a
Grupo de Inversiones Suramericana SA n/a n/a n/a n/a n/a n/a n/a
AFP Capital SA n/a n/a n/a n/a n/a n/a n/a
Negocios e Inmuebles SA NEGOCI n/a n/a n/a n/a n/a n/a n/a
Tognum AG n/a n/a n/a n/a n/a n/a n/a
MLP AG n/a n/a n/a n/a n/a n/a n/a
OAO Tatneft n/a n/a n/a n/a n/a n/a n/a
Corporacion Financiera Colombiana SA n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Premium Earned n/a 41,899.9 41,899.9
Net Investment Income n/a 6,843.8 6,843.8
Realized Gains/Losses n/a n/a n/a
Other Revenue n/a 32,262.1 32,262.1
Interest Income 73,778.0 n/a 73,778.0
Total Revenue 55,633.0 81,005.8 136,638.8
Loss, Benefits, and Adj. n/a 47,535.3 47,535.3
Amortization of Policy Acquisition Costs n/a n/a n/a
SG&A Expense n/a 11,703.2 11,703.2
Depreciation & Amortization n/a 1,362.0 1,362.0
Interest Expense n/a 702.1 702.1
Other Operating Expense n/a 11,454.5 11,454.5
Interest Expense 24,664.0 n/a 24,664.0
Loan Loss Provision 13,768.0 n/a 13,768.0
Total Expenses 29,352.0 73,155.2 102,507.2
Operating Income 26,281.0 7,850.6 34,131.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng n/a n/a n/a
Other, Net n/a n/a n/a
Non-Interest Income 30,496.0 n/a 30,496.0
Non-Interest Expense -51,187.0 n/a -51,187.0
Income Before Taxes 14,655.0 7,850.6 22,505.6
Income Taxes 3,117.0 1,958.8 5,075.8
Income After Taxes 11,538.0 5,891.8 17,429.8
Minority Interest (IS) -268.0 -150.6 -418.6
Net Income - Excl. Xord. Items 11,270.0 5,741.1 17,011.1
Discontinued Operations 286.0 -433.5 -147.5
Extraordinary Items n/a 2,243.7 2,243.7
Net Income - Incl. Xord. Items 11,556.0 7,551.4 19,107.4
Preferred Dividends -26.0 n/a -26.0
Misc. Earnings Adjustment -175.0 -616.5 -791.5
Income Avail. to Common 11,355.0 6,934.8 18,289.8
Share Items
Basic Avg. Shares Outstanding 2,910.8 3,784.0 6,694.8
Basic EPS - Excl. Xord. Items 3.81 1.35 2.54
Basic EPS - Incl. Xord. Items 3.91 1.83 2.85
Full Dilution Adjustment 10.0 n/a 10.0
Fully Diluted Shares Outstanding 2,998.6 3,784.0 6,782.6
F.D. EPS - Excl. Xord. Items 3.70 1.35 2.51
F.D. EPS - Incl. Xord. Items 3.79 1.83 2.82
Dividends Per Common Share 0.01 n/a 0.01
Balance Sheet
Assets
Cash and Equivalents n/a 25,077.0 25,077.0
Cash and Due Bank 28,950.0 n/a 28,950.0
Other S.T. Invest n/a n/a n/a
Accounts Receivable n/a n/a n/a
Current Assets 1,057,277,050,000.0 17,160.8 1,057,277,067,160.8
Loan Loss Reserves -32,052.0 n/a -32,052.0
Loans 605,187.0 n/a 605,187.0
Other Interest Earning Assets 1,057,277.0 n/a 1,057,277.0
Accum D&A n/a n/a n/a
PPE, Net n/a 4,616.0 4,616.0
Goodwill & Intangibles 35,148.0 3,728.0 38,876.0
Long Term Investments 16,367.0 488,400.0 504,767.0
Note Receivable n/a 597,083.0 597,083.0
Other Assets 209,430.0 153,254.0 362,684.0
Other LT Assets 2,672.0 n/a 2,672.0
Deferred Policy Acquisition Costs n/a 10,138.0 10,138.0
Total Assets 1,935,992.0 1,282,296.0 3,218,288.0
Liabilities
Accounts Payable 56,093.0 n/a 56,093.0
Payable/Accrued n/a n/a n/a
ST Debt 283,430.0 86,803.0 370,233.0
Policy Liabilities n/a n/a n/a
Deposits 851,281.0 n/a 851,281.0
Other Interest Bearing Liabilities 17,000.0 n/a 17,000.0
Other (Current) Liabilities n/a 458,620.0 458,620.0
Current Liab. 1,216,287.0 766,639.2 1,982,926.2
LT Debt 322,824.0 172,242.0 495,066.0
Total LT Debt 322,824.0 172,242.0 495,066.0
Minority Interest (BS) 1,970.0 748.0 2,718.0
Other LT Liab. 226,022.0 516,357.0 742,379.0
Total Liabilities 1,758,620.0 1,234,769.9 2,993,390.0
Shareholders Equity
Preferred Stock 312.0 n/a 312.0
Common Stock 294.0 n/a 294.0
Additional Paid in Capital 105,297.0 16,953.0 122,250.0
Retained Earnings 89,602.0 23,431.0 113,033.0
Unrealized Gain (Loss) -98.0 5,694.0 5,596.0
Treasure Stock -1,089.0 -655.0 -1,744.0
Other Equity -16,946.0 2,105.0 -14,841.0
Total Equity 177,372.0 47,528.0 224,900.0
Total Liab. & Equity 1,935,992.0 1,282,297.9 3,218,290.0
Shares Outstanding 2,923.7 3,785.0 6,708.7
Cash Flow
Operating Cash Flow
CF Net Income 11,688.0 n/a 11,688.0
CF Depreciation 3,420.0 n/a 3,420.0
CF Deferred Taxes -964.0 n/a -964.0
Other Non-Cash Items 559.0 n/a 559.0
Change in Working Capital 30,354.0 n/a 30,354.0
Total Cash From Operating Activities 45,057.0 n/a 45,057.0
Investing Cash Flow (not calculated)
Capital Expenditures -4,005.0 n/a -4,005.0
Other Investing Cash Flows 36,587.0 n/a 36,587.0
Total Cash From Investing Activities 32,582.0 n/a 32,582.0
Financing Cash Flow (not calculated)
Dividends Paid -78.0 n/a -78.0
Purchase Or Sale of Stock 4.0 n/a 4.0
Purchase and Retirement of Debt -81,197.0 n/a -81,197.0
Other Financing Cash Flow 951.0 n/a 951.0
Total Cash From Financing Activities -76,576.0 n/a -76,576.0
Exchange Rate Effects 1,545.0 n/a 1,545.0
Net Change in Cash 2,608.0 n/a 2,608.0
Cash Taxes Paid 3,532.0 n/a 3,532.0
Cash Interest Paid 21,302.0 n/a 21,302.0