通过并购推动银行价值

M&A activity in the financial services industry has increased significantly over the last few years, driven by a number of very sizeable institutions suddenly up for sale. The crisis in the financial markets is providing additional momentum for M&A activity, with banks considering M&A as a normal strategic instrument to acquire a competitor at a low price, enter new growth markets, consolidate mature markets at the national or European level, or restructure the value chain. However, with a failure rate of mergers and acquisitions as high as 50%, how can banks manage post-merger integration successfully to realize true growth in value? M&A is reshaping the banking landscape, with mega-deals helping to propel some banks to the top of the global league table in terms of market capitalization. UniCredit is a perfect example, having undergone several landmark acquisitions and a strong presence in Eastern Europe, which propelled it to #4 in 2007. At the opposite end of the spectrum, banks such as Deutsche Bank, UBS, Credit Suisse, and Lloyds TSB, which have been less active in M&A, have stagnated or even shrank in terms of market value. Arthur D. Little's analysis of European banks in the FT500 index shows a strong correlation between M&A activity and growth in market capitalization. A closer look at the nature of the deals in the banking sector reveals three main drivers: geographic expansion, diversification of product offerings, and acquisition of new technology. In conclusion, M&A is a key strategic instrument for banks to achieve growth in value, but it requires careful planning and execution to ensure successful integration. Banks should focus on strategic deals that align with their business objectives and provide a strong foundation for future growth.