Banking Mergers and Acquisitions in the EU: Overview by Rym Ayadi, Georges Pujals

By Rym Ayadi, Georges Pujals

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The third set includes capital ratio An attempt to assess banking mergers and acquisitions’ performance 43 and loan loss provision to net interest revenue. Finally the activity ratios include loans to total assets, consumer deposits to total assets and off balance sheet to total assets. The key findings are: The majority of the case studies showed a clear cost cutting relative to peers. The particular cases A and D fully realised the expected cost cutting objective for the acquirers and for the targets.

As data on the number of employees are not available, the price of labour is measured by the ratio of personnel expenses to total assets65. The price of physical capital is defined as the ratio of other non interest expenses to fixed assets. The price of borrowed funds is measured by the ratio of paid interests to all funding. Total costs are interest costs and non-interest costs. To measure total profit, we use operating gross income66 which does not include loan provisioning as provisioning rules differ from one country to another one in Europe.

The three years time period was used because it is more likely that gains should appear at least one year after the merger and then all gains should be realized within three years. For the pre merger period, ratios for both the acquirers and the targets are examined to get an indication as the relative performance of the acquirer and the target. In addition, ratios for a peer group53 were examined to provide a basis for comparing performance of the merged institutions to non merged ones that are similar in term of size, type and location.

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