Download Bank Mergers: Lessons for the Future by Steven I. Davis (auth.) PDF

By Steven I. Davis (auth.)

ISBN-10: 1349422568

ISBN-13: 9781349422562

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In Europe, the `Class of 1990' has been followed by the second wave of current mergers to create national champions and, eventually, cross-border mergers. As Bank One's John McCoy puts it: It's like any sporting event ± you have to practice to become a quarterback in the National Football League. In the words of Tom Grondahl of Den norske Bank as it enters its second major merger of the decade with Postbanken, when confronted with a merger issue: We can just take out the old material, dust it off, and know exactly how we did it in the past.

Not only investment bankers but many others take a pragmatic view of their career prospects whatever their stockholders or superiors might conclude! We discuss in Chapter 7 in more detail the techniques used to create a more positive environment after an often bitter initial conflict. 48 Bank Mergers THE VALUE OF EXPERIENCE The good news is that experience in executing successive mergers clearly facilitates the task for future transactions. There is no doubt in the minds of our interviewees that serial merger banks are more successful than those embarking on their first major deal.

I had all the old merger manuals on my shelf when we sat down to meet with our Chase colleagues. The cost estimates tabled in offer documents and prospectuses may or may not reflect informed and detailed analysis of the likely cost reduction possibilities. In some cases they are assembled hurriedly in hotel rooms with the help of investment bankers who have little experience in bank operations. Thus the unfriendly bids in 1999 by the two Scottish banks for NatWest in the UK were underpinned by estimates derived from external analysis.

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