Financial Institutions Group (FIG)

Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.

On November 17, 2025, Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a leading Japanese insurance company and subsidiary of MS&AD Insurance Group Holdings, Inc., announced it has agreed to acquire an 18% equity interest in Barings LLC (“Barings”), an asset management company and wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), from MassMutual. MassMutual will receive approximately $1.44 billion as a result of the transaction. Barings will continue to operate as an independent subsidiary of MassMutual. Cravath is representing MSI in connection with the transaction.

On October 17, 2025, Banco Sabadell announced that the public takeover bid launched by BBVA in May 2024 received support from only 25.47% of shareholders, and therefore lapsed as it failed to reach the minimum acceptance threshold required for completion. Banco Sabadell will continue as an independent bank. Cravath is representing Banco Sabadell as U.S. counsel in connection with this matter.

On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter. 

Cravath represented the underwriters in connection with the $350 million fixed rate reset subordinated notes offering of Webster Financial Corporation, a bank holding company of Webster Bank, a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals and families. The transaction closed on September 11, 2025.

On June 16, 2026, Cravath published a memo for its clients entitled “FFIEC Proposes Updates to Federal Banking Agencies’ Financial Institutions Rating System.” The memo examines the Federal Financial Institutions Examination Council’s recently released notice of proposed rulemaking to revise the Uniform Financial Institutions Rating System applicable to federally regulated insured depository institutions and federally insured credit unions.

On June 9, 2026, Cravath partner Elad Roisman participated in the Capital Markets Summit, which was hosted by the U.S. Chamber of Commerce Center for Capital Markets Competitiveness in Washington, D.C. The event brought together top congressional and regulatory leaders as well as financial sector executives to discuss how to bolster America’s capital markets and promote effective regulation. Elad, former Commissioner and Acting Chairman of the SEC, spoke on a panel entitled “The Future of American Capital.” 

On May 22, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2026. Highlights from this edition include:

On May 12, 2026, Cravath published a memo for its clients entitled “Converting to a National Bank Charter.” The memo examines a recent increase in the number of state‑chartered banks seeking to become national banks and discusses the charter application process as well as certain associated benefits and other considerations.

On May 5, 2026, Cravath partner Elad Roisman was named to Washingtonian’s list of “Washington DC’s 500 Most Influential People of 2026,” which recognizes the “power players who work to understand and shape rapidly shifting priorities across the capital.” Elad was highlighted for his reputation and work in the Banking & Finance category.  Elad, who is a member of Cravath’s Corporate Governance and Board Advisory Practice and Financial Institutions Group, as well as head of the Digital Assets Practice, also shared the best career advice he ever received: “Go into every meeting expecting to learn something new and be impressed.”