Internationalization of Banks European Cross-border Deals
This book reviews banking internationalization by considering the new paradigms of globalization. The author primarily analyses why and how banks internationalize through equity deals, and the effect of regulation and market integration on the formation o
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Federica Sist
Internationalization of Banks
Federica Sist
Internationalization of Banks European Cross-border Deals
Federica Sist Libera Università Maria SS. Assunta Rome, Italy
ISBN 978-3-319-78276-8 ISBN 978-3-319-78277-5 (eBook) https://doi.org/10.1007/978-3-319-78277-5 Library of Congress Control Number: 2018937887 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Abstract Bricks and Shadows © Stephen Bonk/Fotolia.co.uk Printed on acid-free paper This Palgrave Pivot imprint is published by the registered company Springer International Publishing AG part of Springer Nature The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Edoardo and Giovanni. “…fatti non foste a viver come bruti, ma per seguir virtute e canoscenza”. D. Alighieri
Foreword
The events in Europe over the past twenty years have significantly affected the behaviour of banks within the region and, consequently, their approaches to internationalization. Systematically analyzing the reasons why banks internationalize helps to explain the choices they make in cross- border banking. The means by which banks internationalize or otherwise become global can be categorized by their investment approaches: either by investment ex novo or with the involvement of a local partner in the destination market. This book examines both the equity and non-equity deals used by banks when entering a foreign country. Greater focus is usually given to equity deals, and there are only a few studies of non-equity deals, due to the difficulty in observing these deals. The description of European cross- border deals is made possible with data from Zephyr, which offer an interesting comparison between countries from Euro and non-Euro areas. The capital flows in arranging an alliance
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