Consolidation in the European Financial

Globalization and the financial crisis emphasize the problems caused by worldwide banking structures and ask for a reassessment of groups development strategies. This book discusses the impact of the crisis on the consolidation process in the European financial industry and the need for regulation and financial supervision.

ROBERTO BOTTIGLIA is a professor in Banking and Finance at the Faculty of Economics of the University of Verona, Italy. His research interests include bank strategies and financial system evolution.

ELISABETTA GUALANDRI is a professor in Banking and Finance at the Marco Biagi Faculty of Economics of the University of Modena and Reggio Emilia, Italy. Her recent research topics include financial regulation and supervision, the financing of innovative SMEs. She was appointed as an auditor of Banca d'Italia in 2007.

GIAN NEREO MAZZOCCO is a professor in Banking and Finance and Dean at the Faculty of Economics of the University of Udine, Italy. Recent research topics concern bank management and evaluation of financial instruments.

List of Tables	p. viii
List of Figures	p. xi
List of Boxes	p. xii
Preface and Acknowledgements	p. xiii
Notes on the Contributors	p. xvii
List of Acronyms and Abbreviations	p. xxi
Consolidation in the Financial Industry	p. 1
Introduction	p. 1
M&A operations in the banking sector	p. 2
Cross-border and cross-sector consolidation operations: types and impediments	p. 5
Drivers, aims and risks of banking sector M&A operations	p. 10
Effects and implications	p. 14
Conclusions	p. 16
M&As in Banking: A Literature Review	p. 17
Introduction	p. 17
Literature review	p. 17
Main results	p. 33
Conclusions	p. 35
M&As in Banking: Measurement of Some Effects	p. 36
Introduction	p. 36
Measurement of some effects of M&A operations	p. 36
Conclusions	p. 47
M&As and Equity Risk in the EMU Financial Sector	p. 48
Introduction	p. 48
Evidence on stock market reactions to M&As	p. 49
M&A activity in the EMU financial sector: 1997 to 2007	p. 52
Market risk of the banking and insurance sectors in EMU countries	p. 57
The effect of M&As on shareholders' market risk	p. 61
Conclusions	p. 67
M&A Activity Among Major European Banking Groups	p. 69
Introduction	p. 69
M&A activity: general aspects	p. 70
Types of deal	p. 74
Cross-border and cross-sector activities	p. 76
Geographical diversification	p. 84
Conclusions	p. 89
Financial Crisis and Ownership of Global Banks	p. 91
Introduction	p. 91
Shareholder typology	p. 93
Geographical origin of shareholders	p. 99
Equity investments by SWFs	p. 102
Government recapitalization schemes	p. 106
Conclusions	p. 111
Bank Size, Consolidation and Operational Risk	p. 113
Introduction	p. 113
Operational risk, bank size and growth	p. 115
Operational loss data collection	p. 118
Critique of data collection methods	p. 120
Case studies: UniCredit Group and Intesa SanPaolo	p. 121
Conclusions	p. 129
The Supervision of European Insurance Groups	p. 131
Introduction	p. 131
Overview or European insurance groups	p. 132
Literature review on cross-border insurance groups	p. 134
International supervisory principles: the IAIS	p. 136
The current European insurance groups supervision	p. 137
Solvency 2 and supervision of insurance groups	p. 142
Conclusions	p. 144
Cross-Border Groups: Supervision after the Crisis	p. 146
Introduction	p. 146
The development of EU cross-border groups	p. 147
The crisis and EU cross-border groups	p. 149
The common rules	p. 152
Micro-prudential supervision	p. 155
Macro-prudential supervision: crisis prevention and management	p. 158
Conclusions	p. 161
Consolidation in the Stock Exchange Industry	p. 164
Introduction	p. 164
Market regulation and consolidation in Europe	p. 167
European stock exchange consolidation	p. 169
New competitors in the stock exchange industry	p. 171
The impact of the financial crisis	p. 177
Conclusions	p. 181
Measuring Value in Stock Exchanges' Mergers	p. 182
Introduction	p. 182
Background and literature review	p. 182
Exchange mergers: effects on governance and value	p. 186
What is the real value of exchanges?	p. 188
Stock exchange value: a financial perspective	p. 198
Conclusions	p. 204
Necessary Reforms for Book-entry Securities	p. 207
Introduction	p. 207
Obstacles to cross-border settlement integration	p. 208
The Hague Convention	p. 209
The Legal Certainty Group's proposals	p. 210
Conclusions	p. 213
Notes	p. 215
References	p. 219
Index	p. 233
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Consolidation in the European Financial Industry

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