Linkages of Financial Groups in the European Union: Financial Conglomeration Developments in the Old and New Member States

Linkages of Financial Groups in the European Union: Financial Conglomeration Developments in the Old and New Member States

Linkages of Financial Groups in the European Union: Financial Conglomeration Developments in the Old and New Member States

Linkages of Financial Groups in the European Union: Financial Conglomeration Developments in the Old and New Member States

Synopsis

Financial services industry has shown trends of increased consolidation across different types of financial institutions. This book focuses on the conglomeration of banking and insurance activities among financial instituations of the 15 old members of the European Union, and addresses the development and impact of conglomeration linkages between these fifteen and the ten new member states.

Excerpt

The most general definition of beauty… Multeity in Unity.
(Samuel Coleridge, On the Principles of Genial Criticism, 1814)

Small is beautiful but also small. in the light of continuous globalisation, all sectors face increasing openness and small is often considered a disadvantage when it comes to increasing competitiveness and profitability of firms. Economies of scale and scope play an important role in major business sectors of the world, the financial sector among them. Is large always and unconditionally the best alternative for firms and economies?

During recent years the financial services industry has faced a drastic worldwide increase in deregulation that has significantly reduced barriers to competition among financial services providers. Continuous improvements in the field of information and communication technology have created “the world without borders” by allowing greater geographic reach via different electronic channels. in the light of recent developments, the financial services industry has followed the similar pattern as other commercial sectors and has shown trends of extensive consolidation. Furthermore, in addition to the local and cross-border consolidation across the same type of financial institutions, financial consolidation has also shown trends of increased consolidation across different types of financial institutions.

Financial conglomeration has created a large number of economies of scale. Financial services providers in the 15 former European Union member states (hereinafter “EU”) play an important role both in worldwide financial conglomeration and conglomeration in the European region. This book discusses the promises and pitfalls of financial conglomeration and examines the reasons for M&A activities across different types of financial institutions. the book focuses on banking-insurance

the 15 former European Union member states (EU-15) are the states which were members of the European Union before the enlargement on 1 May 2004. Only those 15 member states are taken into consideration whenever the terms “EU” or “the European Union” are used in this book.

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