Mergers and Acquisitions in Banking and Finance: What Works, What Fails, and Why

Hardcover | January 12, 2004

byIngo Walter

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This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic conceptsand strategic precepts are correct. It looks closely at the managerial dimensions in terms of the efficacy of merger implementation, notably the merger integration process. The focus is on enhancing shareholder value creation and the execution of strategies for the successful management of mergers.It also has a strong public-policy component in this "special" industry where successes can pay dividends and failures can cause serious problems that reach well beyond the financial services industry itself. The financial services sector is about halfway through one of the most dramatic periods ofrestructuring ever undergone by a major global industry. The impact of the restructuring has carried well beyond shareholders of the firms and involved into the domain of regulation and public policy as well as global competitive performance and economic growth. Financial services are a center ofgravity of economic restructuring activity. MandA transactions in the financial sector comprise a surprisingly large share of the value of merger activity worldwide -- including only deals valued in excess of $100 million, during the period 1985-2000 there were approximately 233,700 MandAtransactions worldwide in all industries, for a total volume of $15.8 trillion. Of this total, there were 166,200 mergers in the financial services industry (49.7%), valued at $8.5 trillion (54%). In all of restructuring frenzy, the financial sector has probably had far more than its share ofstrategic transactions that have failed or performed far below potential because of mistakes in basic strategy or mistakes in post-merger integration. It has also had its share of rousing successes. This book considers the key managerial issues, focusing on MandA transactions as a key tool ofbusiness strategy - "doing the right thing" to augment shareholder value. But in addition, the degree of integration required and the historic development of integration capabilities on the part of the acquiring firm, disruptions in human resources and firm leadership, cultural issues, timeliness ofdecision-making and interface management have co-equal importance - "doing it right."

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From the Publisher

This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic conceptsand strategic precepts are correct. It looks ...

Ingo Walter is at New York University Salomon Center.
Format:HardcoverDimensions:320 pages, 6.3 × 9.29 × 0.98 inPublished:January 12, 2004Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195159004

ISBN - 13:9780195159004

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Table of Contents

1. Global Financial Services Reconfiguration2. The Global Financial Services MandA Deal Flow3. Why Financial Services Mergers?4. Managing Financial Services Mergers and Acquisitions5. The Special Problem of IT Integration6. What is Evidence?7. Mergers, Acquisitions, and the Financial Architecture8. The Key LessonsAppendix 1: Financial Service Sector AcquisitionsAppendix 2: Case StudiesReferencesSuggested ReadingsIndex