New PDF release: Bank Mergers: Lessons for the Future

By Steven I. Davis (auth.)

ISBN-10: 0230509398

ISBN-13: 9780230509399

ISBN-10: 1349422568

ISBN-13: 9781349422562

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As he explains: We do a `lessons' booklet after each merger and circulate it internally. I had all the old merger manuals on my shelf when we sat down to meet with our Chase colleagues. The cost estimates tabled in offer documents and prospectuses may or may not reflect informed and detailed analysis of the likely cost reduction possibilities. In some cases they are assembled hurriedly in hotel rooms with the help of investment bankers who have little experience in bank operations. Thus the unfriendly bids in 1999 by the two Scottish banks for NatWest in the UK were underpinned by estimates derived from external analysis.

We've got to cut costs. We're going to continue to live in this tough competitive environment. Our merger model therefore is to convert to our platform, cut out duplicated overhead, and knock out excess management layers. With hundreds of bank mergers taking place each year, the US has understandably developed the most refined merger cost model. 1 Likely source of merger cost savings Typical savings on smaller company cost base Years of Range of cost saves capture Executive and general 80 100 1 adminstration % Marketing 60 Legal 50 HR Audit and accounting Facilities IT 100 90 Treasury 90 70 60 40 50 30 1 1 1 1 2 20 30 2-3 20 30 2 Credit/mortgage operations 30 Payments operations 25 40 30 2 2 Deposits operations 10 20 2 Others operations 10 20 2 Branch network 20 Source: McKinsey & Company.

Comercial Portugues (BCP) have a track record of improving the crosssell ratio of the banks they acquire. As Pedro Libano Monteiro of BCP explains: For us, cross-selling is a question of survival. If we don't crosssell, we're in trouble. In mutual funds, our ratio is roughly 30 per cent. In Europe, where bancassurance (the sale of insurance to bank branch customers) evolved to a fine art during the 1990s, crossselling experience has been mixed. As indicated above, Fortis anticipates substantial revenue gains from applying best practice in their Belgium savings bank ASLK to their new acquisition GeÂneÂrale Bank.

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Bank Mergers: Lessons for the Future by Steven I. Davis (auth.)


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