Strategic acquisition of a direct bank by an international banking group / von Josef El-Rayes
VerfasserEl-Rayes, Josef
Begutachter / BegutachterinBurger, Anton
UmfangXIII, 60 Bl. : graph. Darst.
HochschulschriftWien, Techn. Univ. u. Krems, Donau-Univ., Master Thesis, 2015
Schlagwörter (EN)Mergers & Acquisitions / Corporate Finance / Valuation / Retail Banking / Business Strategy
URNurn:nbn:at:at-ubtuw:1-82234 Persistent Identifier (URN)
 Das Werk ist frei verfügbar
Strategic acquisition of a direct bank by an international banking group [1.18 mb]
Zusammenfassung (Englisch)

Financial services are a volatile industry. Since the financial crisis, the industry has been dominated by historically low interest rates - the main source of income for retail banks and ever increasing regulations. Mergers & Acquisitions are an important strategic tool in order to gain competitive advantage inorganically - economies of scale, market share or access to new technology. Yet a major challenge in the acquisition of a company is the determination of a fair value. There is no objective price for a company but based on the expectation of synergies and future income as well as an assessment of the seller's current situation, each buyer is ready to pay a different price. This Master's Thesis compares established valuation methodologies and their applicability on financial institutes. A case study evaluates strategic considerations and their outcomes for a banking merger.