某咨询银行业发展能否超越兼并收购.docx

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1、某咨询银行业发展能否超越兼并收购USbankswi11needto1ookbeyondmergersforgrowth.Betterearningswi11havetobewonfromimprovedva1uepropositionsandproductivity.KEVINP.COYNEz1ENNYT.MENDONCA,ANDGREGORYWI1SONTheMcKinseyQuarter1y,2004Number1Theprimaryrationa1ebehindthewaveofmergersinthe1990soachievesubstantia1economiesofsca1ebye

2、xp1oitingtechno1ogyandderegu1ation税snatura11yweakening.Formost1argebanks,furtherexpansionwon挟necessari1yyie1ddramaticsca1e-basedsavingsinsystemsandproduct-deve1opmentcosts.Soa1thoughmergerswi11continuetotakep1ace,opportunitiestocreatesubstantia1va1uehavediminishedandre1ative1yfewerdea1swi11packthepu

3、nchofthe1990s.Executivesof1argebanksmust1ookfornewwaystoincreaseearnings.Unti1recent1y,theso1utionwasfa11inginterestrates,whichfue1edunprecedentedprofitsfrommortgagesandcreditcards.1Butwithratesbeginningtorise,bankswi11haveto1ooke1sewhere.Morecompe11ingva1uepropositionsarerequiredifbanksaretocompete

4、withthenonbanksandspecia1iststhathavef1ourishedinmanymarkets.1ikethebestretai1ers,banksmustdifferentiatethemse1vesbyunderstandingtheneedsoftheircustomersandgivingthosecustomersadistinctiveexperience.Banksshou1da1soboosttheirperformancetheo1d-fashionedway,byimprovingproductivity窠omethingthatwi11becom

5、evita1astheirpaymentsbusinesses,representingasubstantia1shareofindustryprofitsandoperatingexpenses,shrinkwiththefa11inguseofchecks.Tosucceedinthesetasks,banksmustinnovateintheirformats,theircustomertargeting,theirapproachto1endingandassetmanagement,theiroperations,andtheiruseofe1ectronicpayments.Thi

6、sagendaischa11enging,anditca11sforski11sbeyondthose窠uchasidentifyingandva1uingacquisitiontargetsanddrivingintegrationShatservedexecutivessowe11intherecentpast.Significantchanges1ieaheadformanagersworkingtowardanewsetofperformancepriorities.THEO1DGAMEWINDSDOWNA1thoughthebankingindustry担structureandre

7、gu1atoryframeworkwi11permitmoremergersinthefuture,thereducedpotentia1forsynergiesmeansthatCEOswhomakedea1stheirprimarystrategicfocuscou1dbedisappointedbytheresu1ts.Someobviouspairingswi11rea1izeworthwhi1ecostsavings,especia11yamongsecond-andthird-tierbanks,butformost1argeinstitutionstheopportunities

8、forconso1idationarenotwhattheywereafewyearsago.Duringthe1990s,theeconomicrationa1eformergerswasindisputab1e.Enormousefficiencygapsbetweentheacquirerandtheacquiredoftencreatedcostandrevenuesynergiesrangingfrom30to100percentofase11er担netincome.2Newtechno1ogymademanyoftheseefficiencygainspossib1ebyfaci

9、1itatingtheconso1idationofbranches.Inaddition,theRieg1e膊ea1Actof1994,whicha11owedbankho1dingcompaniestoacquirebanksinanystate,openedthedoortopairings窠uchasthosebetweenBankofAmericaandNationsBank,andNorwestandWe11sFargohatprevious1ywou1dhavebeendifficu1torimpossib1e.Sosuccessfu1wasthiswaveofmergersth

10、attheindustryprogressedtowardanatura1endgameinwhichahandfu1ofnationwidebanksbegantoemerge.A1thoughcurbedbyaregu1ation1imitinganindividua1bank担shareofUSdepositsto10percentofthetota1(which,withantitrustsafeguards,ensuredthatthousandsofcommunitybankscontinuedtothrive),thetopteninstitutionsincreasedthei

11、rshareofUSdepositsfrom27percentin1994to44percentin2002(Exhibit1).Conso1idationcontinuesShareoftota1assetshe1dbyUSCommerciaIZsavingsbanksbysize,%Soiree：FDIC;SheshunoWInformettonServices;SN1Financia1Butthe1argerbankshavepickedmostoftheopportunitiesfromconso1idation.Today担possib1ecombinationsamongthe1a

12、rgerinstitutionspresentfewergeographicover1aps.Whi1esca1eeconomiesarea1wayshe1pfu1,most1eadingbanksarea1readybigenoughtosupportthesystems,branding,andproduct-deve1opmentcostsofthenextfewyears.Tobesure,bankmergersarenotathingofthepast.Underthe10percentdepositcei1ing,thereissti11roomforthetop20or25p1a

13、yerstomakesubstantia1acquisitionsandfortwoorthreemovesthatwou1dcreatethehandfu1oftru1ynationa1banksanticipatedwiththeRieg1e脖ea1Actpassage.Moreover,manymidd1e-tierregiona1bankshavesurvivedandprosperedandwi11probab1yconso1idatefurther.Therationa1esupportingbig-bankmergersduringthe1990sthussti11app1ies

14、,particu1ar1ygiventhegeographicconcentrationofmanyregiona1banks:at1easteightmidd1e-tierbanksdobusinessinA1abama,Georgia,andTennessee,forexamp1e.Yettheeconomicsmeanthatmanybigdea1swi11bemore1ike1ytoexp1oitreducedva1uations,opportunitiesfortransferringski11s,orthepossibi1ityofexpandingintonewbusinesse

15、sorgeographiesthanthecostsynergiesthatoftenjustifiedsignificantpremiumsduringthe1990s.Bothmanageria1capabi1itiesandeconomiesofscopewi11bedriversofwe11-receiveddea1s.SoM&A,whi1esti11a1ogica1partofsomebanks?strategiesintheyearsahead,wi11bea1essprominentsourceofva1uethanitwasintherecentpast.INPURSUITOF

16、GROWTHTheconso1idationofthe1990senab1edmanyfinancia1institutionstoexpandtheirbookva1uewithoutsignificantorganicgrowth.Thisdeve1opmenthe1ped1argebanks,whichfor25yearshad1ostgroundinmarketaftermarkettononbanksandspecia1ists,suchasChar1esSchwabandMerri111ynch,thatofferedamoreattractiveva1uepropositionandbetterservice.Comparedwiththeseinnovators,banksweres1owtochange,part1ybecauseinthedayswhencompetitionwasregiona1therewardsweresma11eranditoftenpaidtowaitan