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

By Ingrid Ulst | Go to book overview

Chapter 3
Financial Conglomerates of the European
Union in the New Member States

3.1. Banking and Insurance Sectors in the New Member States

This chapter seeks to determine linkages between previously defined EU banking-insurance groups and the banking/insurance sector in the new member states. The starting point of my analysis is to provide an overview of banking and financial sectors in the new member states and to determine country-specific factors related to the rationale of financial consolidation across the new member states. With the 10 new member states—Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia—the Accession Treaty was signed on 16 April 20031 and they joined the EU on 1 May 2004.

The largest new member states are the Czech Republic, Hungary and Poland. Poland has the largest financial sector among the new member states. Slovenia and the Slovak Republic are smaller, but have in many aspects a relatively similar degree of development. The three Baltic States—Estonia, Latvia and Lithuania—are strongly inter-linked amongst themselves with regard to their banking sectors, although their orientation and institutional arrangements are significantly different. Among all the new member states Malta and Cyprus remain slightly on their own as they are not transition economies, but have established market economies that are integrated into the global system. The structure of the banking and financial sectors of the new member states is presented in Table 7.

1 European Commission, Enlargement Directorate-General. Enlargement of the European Union: An Historic Opportunity, Brussels, May 2003.

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

Table of contents

  • Title Page iii
  • Table of Contents v
  • List of Tables vii
  • List of Graphs viii
  • Introduction 1
  • Chapter 1 - Financial Conglomeration- Economic and Legal Aspects 6
  • Chapter 2 - Financial Conglomerates in the European Union 40
  • Chapter 3 - Financial Conglomerates of the European Union in the New Member States 68
  • Conclusion 116
  • Abbreviations 121
  • References 122
  • Sources of Research Data 126
  • Index 130
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