某咨询银行业发展能否超越兼并收购.docx
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1、某咨询银行业发展能否超越兼并收购USbankswi11needto1ookbeyondmergersforgrowth.Betterearningswi11havetobewonfromimprovedva1uepropositionsandproductivity.KEVINP.COYNEz1ENNYT.MENDONCA,ANDGREGORYWI1SONTheMcKinseyQuarter1y,2004Number1Theprimaryrationa1ebehindthewaveofmergersinthe1990soachievesubstantia1economiesofsca1ebye
2、xp1oitingtechno1ogyandderegu1ation税snatura11yweakening.Formost1argebanks,furtherexpansionwon挟necessari1yyie1ddramaticsca1e-basedsavingsinsystemsandproduct-deve1opmentcosts.Soa1thoughmergerswi11continuetotakep1ace,opportunitiestocreatesubstantia1va1uehavediminishedandre1ative1yfewerdea1swi11packthepu
3、nchofthe1990s.Executivesof1argebanksmust1ookfornewwaystoincreaseearnings.Unti1recent1y,theso1utionwasfa11inginterestrates,whichfue1edunprecedentedprofitsfrommortgagesandcreditcards.1Butwithratesbeginningtorise,bankswi11haveto1ooke1sewhere.Morecompe11ingva1uepropositionsarerequiredifbanksaretocompete
4、withthenonbanksandspecia1iststhathavef1ourishedinmanymarkets.1ikethebestretai1ers,banksmustdifferentiatethemse1vesbyunderstandingtheneedsoftheircustomersandgivingthosecustomersadistinctiveexperience.Banksshou1da1soboosttheirperformancetheo1d-fashionedway,byimprovingproductivity窠omethingthatwi11becom
5、evita1astheirpaymentsbusinesses,representingasubstantia1shareofindustryprofitsandoperatingexpenses,shrinkwiththefa11inguseofchecks.Tosucceedinthesetasks,banksmustinnovateintheirformats,theircustomertargeting,theirapproachto1endingandassetmanagement,theiroperations,andtheiruseofe1ectronicpayments.Thi
6、sagendaischa11enging,anditca11sforski11sbeyondthose窠uchasidentifyingandva1uingacquisitiontargetsanddrivingintegrationShatservedexecutivessowe11intherecentpast.Significantchanges1ieaheadformanagersworkingtowardanewsetofperformancepriorities.THEO1DGAMEWINDSDOWNA1thoughthebankingindustry担structureandre
7、gu1atoryframeworkwi11permitmoremergersinthefuture,thereducedpotentia1forsynergiesmeansthatCEOswhomakedea1stheirprimarystrategicfocuscou1dbedisappointedbytheresu1ts.Someobviouspairingswi11rea1izeworthwhi1ecostsavings,especia11yamongsecond-andthird-tierbanks,butformost1argeinstitutionstheopportunities
8、forconso1idationarenotwhattheywereafewyearsago.Duringthe1990s,theeconomicrationa1eformergerswasindisputab1e.Enormousefficiencygapsbetweentheacquirerandtheacquiredoftencreatedcostandrevenuesynergiesrangingfrom30to100percentofase11er担netincome.2Newtechno1ogymademanyoftheseefficiencygainspossib1ebyfaci
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