Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Goldman hires Barclays banker Bion to ride insurance deal boom: memo

11/12/2020 | 01:09am EST
FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney

LONDON (Reuters) - Goldman Sachs has poached Barclays' insurance banker Marguerite Bion to win more business from Europe's biggest insurers as industry consolidation heats up amid anaemic profitability and tightening regulation.

Bion, who started her career at Citigroup in 2001 and spent the last decade at Barclays, will join Goldman in February as a London-based managing director in its EMEA financial institution group (FIG), reporting to European FIG head Dirk Lievens, according to a memo seen by Reuters.

French-born Bion has advised continental European insurers, including the likes of France's AXA, Switzerland's Zurich Insurance Group and Germany's Allianz on a variety of deals and will continue overseeing their M&A plans in her new role at Goldman.

Her appointment comes amid a flurry of transactions in the insurance industry as low interest rates and weak profits are pressuring companies to seek domestic deal synergies while hunting for growth abroad.

Goldman Sachs is currently advising British insurer RSA on a 7.2 billion pound takeover approach from a consortium of Canadian insurer Intact Financial and Danish insurer Tryg.

Bion will mainly focus on French and European insurance accounts, building on Goldman's recent advisory work for the likes of AXA which appointed the Wall Street bank to sell its Central and Eastern European business to Austrian insurer Uniqa in February.

(Reporting by Pamela Barbaglia in London; Editing by Marguerita Choy)

By Pamela Barbaglia

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -0.37% 200.25 Delayed Quote.-0.22%
AXA 0.34% 19.716 Real-time Quote.1.05%
BARCLAYS PLC -0.37% 146.32 Delayed Quote.-0.25%
BION PLC 0.00% 2.95 Delayed Quote.9.26%
CITIGROUP INC. -0.69% 63.25 Delayed Quote.2.58%
INTACT FINANCIAL CORPORATION 0.48% 144.04 Delayed Quote.-4.89%
RSA INSURANCE GROUP PLC 0.03% 676.4 Delayed Quote.-0.15%
THE GOLDMAN SACHS GROUP, INC. -1.27% 290.47 Delayed Quote.11.56%
TRYG A/S 0.60% 200.2 Delayed Quote.3.59%
UNIQA INSURANCE GROUP AG -1.60% 6.75 Delayed Quote.7.19%
ZURICH INSURANCE GROUP LTD 0.32% 376 Delayed Quote.0.35%
Latest news "Economy & Forex"
05:59pEU welcomes Biden's decision for U.S. to re-join Paris climate accord
05:57pBiden takes sweeping Day One action on energy, climate, immigration
05:51pOil rises on U.S. stimulus hopes, tighter market under Biden
05:40pWorld Bank, IMF agree to hold April meetings online due to COVID-19 risks
05:39pBrazil Central Bank Leaves Benchmark Selic Rate Unchanged at 2%, Withdraws Forward Guidance -- Update
05:32pWall Street closes at record highs as Netflix jumps, Biden inaugurated
05:26pUtilities Up As Treasury Yields Fall -- Utilities Roundup
05:26pIndustrials Up On Cyclical Demand -- Industrials Roundup
05:26pWorld bank, imf spring meetings to be held online due to covid-19 pandemic -world bank/imf joint statement
05:25pCommunications Services Up After Netflix Earnings - Communications Services Roundup
Latest news "Economy & Forex"