European banks beef up for Aussie deals

Sydney

EUROPEAN investment banks that scaled back in Australia after the global financial crisis are scrambling to rebuild advisory and financing teams, keen for a slice of A$90 billion (S$95 billion) worth of privatisations expected in the next three years.

Australia's government has been pushing states to sell ports, energy generators and electricity networks to pay down debt and fund new public works. Privatisations in the pipeline could generate combined bank fees of more than US$1 billion, according to Reuters estimates. "As…