商业银行管理全套配套课件英文PPT教师手册习题习题答案 Chap019.ppt

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1、ChapterNineteenAcquisitionsandMergersinFinancial-ServicesManagementKeyTopicsMergerTrendsintheUnitedStatesandAbroadMotivesforMergerSelectingaSuitableMergerPartnerU.S.andEuropeanMergerRulesMakingaMergerSuccessfulResearchonMergerMotivesandOutcomesIntroductionAglobewaveofmergersinvolvingbanks,securities

2、firms,insurancecompanies,andotherfinancial-serviceprovidershasbeenunderwayReflectsthegreatforcesofconsolidationandconvergencethataredramaticallyreshapingthefinancial-servicesindustryThistrendisdrivenbyIntensecompetitionDeregulationThesearchfortheoptimalsizefinancial-servicesorganizationMergersontheR

3、iseManyofthemergerssweepingthroughthebankingindustryreflectlowerlegalbarriersthatpreviouslyprohibitedorrestrictedexpansionForexample,intheU.S.,theRiegle-NealInterstateBankingActof1994andtheGramm-Leach-Bliley(GLB)Actof1999TheGLBlawopenedwidethearenaforbank–nonbankfinancial-servicecombinationsPermitsb

4、anks,insurancecompanies,andsecurityfirmstoacquireeachotherCriticsoftheGLBlawarguethatwhileGLBmayresultinreducingU.S.financialfirms’riskexposure,itdoesnotappeartoholdgreatpromiseformajorimprovementsinoperatingefficiencyMergersontheRise(continued)CompetitionamongEuropeanfinancialfirmsisbecomingmoreint

5、ense,leadingtocontinuingmergersandacquisitionsFinancial-servicemergersinEuropehaveslowedfromtimetotimeduetoaslowingeconomyandEuropeangovernmentsattemptstoprotecttheirhomebanksfromacquisitionbyoutsidersAsiaandJapanalsohaveexperiencedagrowingnumberofmergersDuetoanefforttoshoreupcreditqualityproblems,f

6、endofftheravagesofdeflationandsluggisheconomies,andcompetewithpowerfulU.S.andEuropeanbanksTABLE19–1RecentLeadingInternationalFinancial-ServiceMergersandAcquisitionsTABLE19–2SomeoftheLargestFinancial-ServiceMergersandAcquisitionsinAmericanHistoryTheMotivesBehindtheRapidGrowthofFinancial-ServiceMerger

7、sMergersusuallyoccurbecauseThestockholdersinvolvedexpecttoincreasetheirwealthorreducetheirriskexposureManagementexpectstogainhighersalariesandemployeebenefits,greaterjobsecurity,orgreaterprestigefromm