外商銀行併購本國銀行之成效

Abstract

2006 年至2008 年台灣先後發生了幾起外商銀行併購本國銀行、進而改以子行經營的案例，當時外商銀行看中亞洲市場的成長動能，想藉此加深對此一市場的布局；除此之外，藉由併購本國銀行，外商銀行亦期許能達成擴大在台經營規模並拓展客群之目標。然而，併購後外商銀行之表現似乎不若過去穩健，近幾年獲利不佳，縮減分行甚至有意撤資之消息頻傳。因此，本研究之目的包含評估外商銀行對本國銀行之併購是否為一好的投資，及研究併購後外商銀行之體質是否改變並達成其併購之目標。本文首先以渣打銀行及花旗銀行之併購案例為研究標的，計算其併購本國銀行此一投資之內部報酬率(IRR)。接著，本文以一般財務比率及其他業務及營運相關指標分析花旗、渣打、滙豐、星展四家外商銀行併購本國銀行後之改變。 實證結果顯示：一、以IRR 來衡量，渣打及花旗對本國銀行之併購均不為好的投資。二、併購本國銀行後外商銀行之規模擴大但獲利能力不若過去穩健，經營能力則與本國銀行更為接近。三、併購本國銀行後外商銀行仍具備其在手續費收益比率較高及較依賴非存款之資金來源的特質。四、外商銀行並未達成併購時提出的部分目標。

During 2006 to 2008, several foreign banks merged local banks in Taiwan, starting to operate as subsidiaries instead of overseas branches. At that time, foreign banks executed the deals with the intention of expanding their presence in the fast-growing Asian market, as well as enlarging their operational scales and customer bases in Taiwan. However, the post-merger performance of these subsidiaries seems to fall short of expectations. With disappointing profitability, many of the banks are cutting branches, and there are even rumors that some banks are considering to withdraw from Taiwan. This thesis investigates whether these mergers were good investment. It also studies whether the acquiring foreign banks have reached their goals of the mergers and whether they have remained their strength after the mergers. It calculates the internal rate of return (IRR) of two merger cases: the acquisition of Hsinchu International Bank by Standard Chartered Bank and that of OCBC by Citibank. It also analyzes the changes of key financial and operational ratios for Citibank, Standard Chartered Bank, HSBC and DBS after the mergers. The empirical results of this thesis can be summarized as follows. First, the mergers of Standard Chartered Bank and Citibank with local banks were not good investment in terms of IRR. Second, the operating scales of the foreign banks increase after the mergers, but their profitability is not as good as before, and they become more similar to local banks in many ways. Third, as the oversea branches before the mergers, the subsidiaries of foreign banks still have higher fee income ratios and rely more heavily on non-deposit funding sources. Finally, foreign banks do not reach some of their goals of acquiring local banks.