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Mergers And Acquisitions
The domestic mergers and acquisitions in the financial services industry have been growing steadily over the past two decades. International mergers between the banks were rare. The share of cross-boarder mergers in the banking industry is low compared to the other industries (Claudia M Buch, Gay le DeLong. Journal of Banking & Finance. Amsterdam: Sep 2004.Vol.28, Iss. 9; pg. 2077). The wave of the bank mergers started in the United States in the 1990 and spread to other countries, especially Europe and Japan. The number of non-US bank mergers increased from 15 in 1985 to more than 500 in 2000 (annually) (Journal of Financial Research, Winter 2003 v26 i4 p487(14) ). The regulatory changes have indirectly and directly influenced the boom of mergers in banking industry. Changes, such as “Great Britain's "Big Bang" that opened the securities business to banks or Japan's repeal of Article 65 that separated commercial from investment banking--have led to greater competition among banks and between banks and other financial institutions” (Journal of Financial Research, Winter 2003 v26 i4 p487(14) ). The increased competition causes many banks to exit the industry or to merge. The birth of euro also enhanced this trend, as the banks merge to remain competitive (Journal of Financial Research, Winter 2003 v26 i4 p.487(14) ). The wave of mergers and acquisitions in the United States started with the Riegle-Neal Interstate Banking and Branching Efficiency Act, passed in 1994, eliminated most of the regulatory barriers to interstate banking. Before the act passed, large banks were only allowed to maintain separate subsidiaries in states outside their home territory. The law enabled banks to operate as a single entity with branches in multiple regions. Thus, the new law encouraged the mergers between the banks. Between 1993 and 1997, 21 percent of all commercial banking institutions merged with other banks or were acquired by them. ... Please login to view comments from other users.
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