Leveraging local knowledge or global advantage: Cross border bank mergers and acquisitions in Africa
This paper examines global financial markets perception of value creation for banks from across the world initiating or expanding their operations on the African continent through mergers and acquisitions (M&As) over the period 2000–2018. Especially before and during the financial crisis, we doc...
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| Published in: | Emerging markets review Vol. 42; p. 100656 |
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| Main Authors: | , , |
| Format: | Journal Article |
| Language: | English |
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Elsevier B.V
01-03-2020
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| Abstract | This paper examines global financial markets perception of value creation for banks from across the world initiating or expanding their operations on the African continent through mergers and acquisitions (M&As) over the period 2000–2018. Especially before and during the financial crisis, we document a strong advantage of Pan-African Banks (PABs) over domestic and emerging market banks and a slight advantage over advanced market banks. These results are in line with the hypothesis that PABs benefitted from both a global expertise and local knowledge advantage in the market for corporate control. We also document how retrenchment of global banks during and in the aftermath of the global financial crisis have created opportunities for PABs.
•First comprehensive overview of the value created by bank acquisitions in Africa.•Study establishes a strong comparative advantage of Pan-African banks.•Pan-African bank deals outperform especially before and during the financial crisis.•We highlight how institutions drive market perceptions of African bank CBMAs. |
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| AbstractList | This paper examines global financial markets perception of value creation for banks from across the world initiating or expanding their operations on the African continent through mergers and acquisitions (M&As) over the period 2000–2018. Especially before and during the financial crisis, we document a strong advantage of Pan-African Banks (PABs) over domestic and emerging market banks and a slight advantage over advanced market banks. These results are in line with the hypothesis that PABs benefitted from both a global expertise and local knowledge advantage in the market for corporate control. We also document how retrenchment of global banks during and in the aftermath of the global financial crisis have created opportunities for PABs.
•First comprehensive overview of the value created by bank acquisitions in Africa.•Study establishes a strong comparative advantage of Pan-African banks.•Pan-African bank deals outperform especially before and during the financial crisis.•We highlight how institutions drive market perceptions of African bank CBMAs. |
| ArticleNumber | 100656 |
| Author | Yildirim, Canan Mukanya, Anthony Vanwalleghem, Dieter |
| Author_xml | – sequence: 1 givenname: Dieter surname: Vanwalleghem fullname: Vanwalleghem, Dieter email: dieter.vanwalleghem@esc-rennes.com – sequence: 2 givenname: Canan surname: Yildirim fullname: Yildirim, Canan – sequence: 3 givenname: Anthony surname: Mukanya fullname: Mukanya, Anthony |
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| Keywords | Cross border acquisitions Pan-African Banks Regionalization Africa |
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| SubjectTerms | Africa Cross border acquisitions Pan-African Banks Regionalization |
| Title | Leveraging local knowledge or global advantage: Cross border bank mergers and acquisitions in Africa |
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