By Roberto Bottiglia, Elisabetta Gualandri, Gian Nereo Mazzocco
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Extra resources for Consolidation in the European Financial Industry (Palgrave MacMillan Studies in Banking and Financial Institutions)
The data suggest that the impact of geographical expansion is limited in terms of the bank’s efficiency. An efficient bank tends to maintain this efficiency level even after the expansion. Brewer III–Jackson III– Jagtiani–Nguyen (2000) This article studies the factors that influence the bid premium offered by M&As, examining abnormal returns during the operation announcement period. In general, the premium offered is positively correlated with the target bank’s profitability, and is influenced by the bank’s capitalisation level.
The study suggests that the effectiveness of the processes can only be understood over the long term. The initial level of efficiency of those operators involved in the M&A is identified as a key factor. In the banks considered, improved performance profiles achieved through the acquisition were transformed into increased value for shareholders. Altunbas–Marqués Ibàñez (2004) In general, the M&A operations studied led to an improvement in ROE. The analysis assesses the degree of similarity between banks involved in mergers, in terms of strategic focus.
Benefits are mainly achieved by banks not showing significant efficiency levels pre-merger, and there are no benefits for banks that had above average efficiency levels before the M&A operation. Merger benefits arise from a remodelling of the investment portfolio towards loans to customers and greater risk diversification. 1 (Continued) Authors Results Berger–Saunders–Scalise–Udell (1998) This study considers the effects of banking M&As on SMEs’ access to credit. Results show a reduction in the availability of credit to firms in this class, although this effect tends to be mitigated by competitors’ behaviour and the reallocation of business goals by the new bank created.