M&As in the financial industry A matter of concern for bank supervisors【外文原文】.pdf

文档介绍：Journal of Financial Regulation pliance Volume 9 Number 3
M&As in the financial industry: A matter of
concern for bank supervisors?
Michael Wolgast
Received: 23rd April, 2001
Leiter der Abteilung Volkswirtschaft, Gersamtverband der Deutschen Versicherungswirtschaft,
Friedrichstr. 191, 10117 Berlin, Germany; tel: [phone]; fax: [phone];
e-mail: @
Dr Michael Wolgast worked as senior the headlines. The bulk of the M&A activ•
economist at Deutsche Bank Research in ity still consists of domestic mergers, invol•
Frankfurt. Since 1st July 2001, he has been ving peting in the same segment
chief economist and head of the econom• of the financial services industry (mainly
ics department at the German Insurance banks). Along with a sharp increase in the
Association (Gesamtverband der Deut• average size of single transactions, the share
schen Versicherungswirtschaft (GDV),) in of cross-border M&As has, however, risen
Berlin. Before taking up his current posi• significantly (see Figure 4). Also, the crea•
tion, he worked as an economist for the tion of financial conglomerates — ie of
Federal Ministry of Economic Affairs in groups operating in more than one sector
Bonn and for the German Savings Banks' of the financial industry — is constituting
Association. an increasingly important part of overall
Michael Wolgast graduated with a maî- activity, with bancassurance, •
trise d'économie appliquée from Paris-IX- bines banking with insurance business, as a
Dauphine and with a Masters degree in prominent As a result, a signifi•
Economics from the London School of Eco• cant number of large, and in some cases
nomics and Political Science. He took his plex, financial institutions
doctorate at Kiel University. has already been created, and both more
This paper was essentially written in cross-border deals among large players and
April 2001, while the author was still work• more transactions across t