Κύμα συγχωνεύσεων και εξαγορών στον ελληνικό τραπεζικό τομέα και χρηματοοικονομική ανάλυση των τεσσάρων εμπορικών τραπεζών
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Keywords
Συγχωνεύσεις ; Εξαγορές ; Τραπεζικός τομέας ; Χρηματοοικονομική ανάλυσηAbstract
he phenomenon of mergers and acquisitions is a key protagonist of modern developments in the field of economic competition in a period of tension and diversification of its forms. Mergers and acquisitions began many decades ago in the international arena and still occupy a strong position both in the domestic and the global economic environment.Banking institutions are the pulse of the financial system of an economy. Their object, among other things, is to receive deposits and to raise capital through lending and investment activities to individuals, businesses and the state. They contribute to the development process of a country, and they are also instruments for the implementation of each country's monetary policy.Mediation in transferring funds, from surplus to deficit, can be done either directly where the deficit units are borrowed directly from the surplus or indirectly where the financial institutions intervene in the capital transfer process.Mediation in the financial sector helps to address problems that economic theory refers to as "moral hazard" and "unfavorable choice," by addressing the problem of asymmetric information while attracting savings funds and helping to rationalize the allocation of funds to productive units and thus to the growth of the economy.The mediating role of financial institutions refers to the collection and utilization of information on both the business environment and the overall economic climate in order to activate savings, as well as to analyze and better manage risk.The development of the financial system provides fuller information to all stakeholders, reduces the cost of
contributes to improving the productivity and efficiency of the financial sector by encouraging both saving and facilitating investment.One of the ways in which the banking industry is expanding worldwide is mergers and acquisitions. In our country, in the last few years, following the financial crisis of 2008, there have been major changes in the banking sector as part of this tactic. In the present study, after an explanation of the concepts of mergers and acquisitions and how these can be realized, both their advantages and disadvantages and the reasons for their failure will be presented.By focusing on the banking industry and initially making a historical breakthrough, we will refer to the merger and takeover waves that have occurred in recent years. Staying in the field of banking institutions, we will present through the present study the current trends in this market, after making an overview of the Greek banking sector and its current image.Finally, we will perform an assessment of the performance of the four Greek commercial banks following the wave of mergers and acquisitions that took place from 2012 onwards. Using the appropriate ratios we will assess four key parameters: profitability, capital adequacy, credit quality and liquidity of banking institutions, revealing in financial terms that the wave of mergers and acquisitions has significantly affected the banking system in Greece.