Financial Conglomerates New Rules for New Players?
The last couple of years, financial conglomerates have been established all over Europe. This horizontal diversification has not only attracted a great deal of attention in the banking and insurance sector but has also alarmed the supervisory authorities
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Financial Conglomerates New Rules for New Players?
Edited by
Lutgart Van den Berghe Erasmus Finance and Insurance Centre, Erasmus University Rotterdam, The Netherlands and The Vlerick School of Management, University ofGhent, Belgium
Research sponsored by The Levob F oundation &
The Insurance Science Foundation
SPRINGER-SCIENCE+BUSINESS MEDIA, B.V.
Library of Congress Cataloging-in-Publication Data Financlal conglomerates new rules for new players? ! edited by Lutgart Van den Berghe. p. cm. Inc ludes index. ISBN 978-0-7923-3796-6
ISBN 978-94-011-0413-5 (eBook)
DOI 10.1007/978-94-011-0413-5
1. Financial institutions--Europe. 2. Conglomerate corporatlons-Europe. 1. Berghe, L. van den (LutgartJ, 1951HG186.A2F54 1995 332.1'6--dc20 95-36033
ISBN 978-0-7923-3796-6
Printed an acid-free paper
AH Rights Reserved
© 1995 Springer Science+Business Media Dordrecht Originally published by Kluwer Academic Publishers in 1995 No part of the material protected by this copyright notice may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording Of by any information storage and retrieval system, without written permission from the copyright owner.
Contents Foreword .............................................................................
xi
I.
Defining financial conglomerates Combining economic and legal approaches ...... I
1.1.
The essential elements that constitute a financial conglomerate ............................................................................. 2 Defining a group of enterprises ................................................. 2 Participation versus investment ......................................................... 3 Direct versus indirect participations ................................................... 5
1.2. 1.2.1. 1.2.2. 1.2.3. 1.2.4.
1.3. 1.4.
6 Economic versus legal integration ...................................................... 7
Ownership versus control ................................................................
A3. A4. AS.
Defining financial institutions and financial activities .................. 9 What distinguishes a financial conglomerate from a financial institution? ............................................................................... I I Complementarity between the activities and institutions involved .................................................................................... I 2 A financial conglomerate is not really a conglomerate in the economic sense of the word ............ ....................................... 14 Appendix I.A. Relevant definitions ................................. 16 Defining a group ...................................................................... 16 Defining a daughter company or subsidiary ............................ 17 Defining a participation ........................................................... 17 Defining an associated or related enterprise .......................... 17 Defining a financial conglomerate .............................
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