Dean Prof. TEI of Western Macedonia, Kozani Application Prof. TEI of Western Macedonia, Kozani
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1 Dean Prof. TEI of Western Macedonia, Kozani Application Prof. TEI of Western Macedonia, Kozani Keywords: bank, mergers, acquisitions. JEL Classification Codes: G2 - Financial Institutions and Services G21 - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
2 (Retail Banking). Retail Banking (Corporate Banking).,,..,,,,,..,,. 10,,,.,.,.,.,,,.,,. Union Eyroptenne des Experts Comptables Economiques et Financitre (U.E.C.) :
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5 , -..,.,,. ( ).. Chase Manhattan Chase National & Bank of Manhattan 1955.,,.,,,.,., (conglomerate merger) conglomerates,.,,.,, : ) (Conglomerate Market xtension), ) (Conglomerate Product Extension),..,,,..,,,,,.,,.,,,,,. :
6 (,,,, ).,, :.,. ) ). ) de facto,,., (gentlemen agreements), (pools), (concerns rings)., (Cartell), (Concern), (Trust).. O,,.,..,.,,
7 1... : I.. II.. III.. IV.. V.. VI.. VII.. VIII.. IX.. : (shareholder value).....,.. 15% (, : Rhoades Stephen A., 1985b, "Mergers and Acquisitions by Commercial Banks, , Clark, Jeffrey A., 1988, "Economies of Scale and Scope at Depository Financial Institutions) 25% : South Eastern Europe 1 Frank J. Fabozzi, Franco Modigllani & Michael G. Ferri «Foundations of Financial Markets and Institutions», Prentice Hall 1994,
8 and Mediterranean Emerging Market Economies Decay Studies ).. (retail banking) (wholesale banking).,.. (phone banking), (Internet banking) (home banking).,,. (disintermediation), -.. (reintermediation),.. : 1), 2),,. (Universal Banks),,,. :,,,.,.,,
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11 ,,,. ( ). (marginal),. (. )..,.,. Eurobank. 1 :, conglomerate., treasury department,,,,.,,, cross-border. 2 : (,,.) 35% Planet, 1998,.,,. I.S.O. 3 :.., Corporate Banking, NOVA BANK Retail Banking.,,.,
12 Eurobank,. 4 :.,. 5 :. :.. 6 :,,...,. 7 (Diversification):,.. 8 :,. ( ). :. :,,...,,
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15 (iv) :,,,,., :,,., -,,,,,,,.,.,...,.,,.,,,, (leasing),.,,
16 ,,, ( ),,..,...,.,,,,,,,,,,..,.,.,.,., 1996,,,.., 1999,. B., 1995, - /., 1997,, Ipirotiki Publications.., 1999,,.., 2001, &., 1994,, Interbooks.., 1995,,,. Amihud, Yakov and Lev B.,, 1981, "Risk Reduction as a Managerial Motive for Conglomerate Merger", Bell Journal of Economics, (Autumn), Amihud, Yakov, Dodd P., and Weinstein M., 1986, "Conglomerate Mergers, Managerial Motives and Stockholders Wealth", Journal of Banking and Finance, 10,
17 Clark, Jeffrey A., 1988, "Economies of Scale and Scope at Depository Financial Institutions: A Review of the Literature", Economic Review (Federal Reserve Bank of Kansas City), 73, (September/October), Dahl, Drew and Ronald E.S., 1989, "Evidence on the Role of Holding Company Acquisition in the Management of Bank Capital", Journal of Financial Services Research, 2, (February), Eckbo, Espen B., 1983, "Horizontal Mergers, Collusion, and Stockholder Wealth", Journal of Financial Economics, 11, (April), Eckbo, Espen B., 1985, "Mergers and the Market Concentration Doctrine: Evidence from the Capital Market", Journal of Business, 58, (July), Frieder, Larry A., 1980, Commercial Banking and Holding Company Acquisitions: New Dimensions in Theory Evaluation, and Practice, UMI Research Press, Ann Arbor, Michigan. Gilligan, Thomas, Smirlock M., 1984, "An Empirical Study of Joint Production and Scale Economies in Commercial Banking", Journal of Banking and Finance, 8, (March), Gilligan, Thomas, Smirlock M., and Marshall W., 1984, "Scale and Scope Economies in Multi-product Banking Firms", Journal of Monetary Economics, 13, (May), Frank J. F., Modigllani F., & Michael G.F., Foundations of Financial Markets and Institutions, Prentice Hall 1994,. 79 Hawawini A.G., Swary I., Mergers and Acquisitions in the U.S. Banking Industry, Elsevier Science Publishers B.V. Amsterdam The Netherlands Rhoades Stephen A., 1985b, "Mergers and Acquisitions by Commercial Banks, ", Washington, Federal Reserve System, Staff Studies, No 142, (January). Rhoades Stephen A., 1986, "Bank Operating Performance of Acquired Firms in Banking Before and After Acquisition", Washington Federal Reserve System, Staff Studies, No 149, (May). Weston J.F., Brigham E.F., 1982,. EFG Eurobank ROA ROE : ROA ROE : ROA 4,17% 2,96% 2,98% RO 30,08% 31,69% 30,75% : , 1999,,,. EFG EUROBANK ROA ROE :
18 ROA ROE : ROA 1,22% 0,41% 0,21% RO 9,22% 3,21% 4,11% : (R ) ROE , EurobankErgasias, 2000, ROA=1,48% RO = 12,99%. ROA EUROBANK 1999, ROE., MARFIN Popular Bank Marfin Bank,, 2005 MARFIN Bank ) 10% EFG Eurobank Unit Bank ETBA 2001 EFG Eurobank Telesis 2000 Credit Agricole 1999 BCB Alpha EFG Eurobank Deutsche Bank Telesis AXE 6,7% 50% NOVA Bank 10% EFG Eurobank National Westminster Bank
19 1998 EFG Eurobank EFG Eurobank EFG Eurobank Interbank : 2009 Xios Bank Credit Lyonnais Chase Manhattan 2:, : Vander Vennet R. (1996) «The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions», Journal of Banking & Finance 20, : , $ : Edwards. (1999)
20 1991*1996 $
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