台灣金融業供應鏈向前整合之研究 - 以外資銀行子公司為例

Abstract

一位高盛合夥人曾經告訴我：「無論身處金融業多少年，仍然會有驚喜在前方等著你。」回首過去，每一回導致金融危機發生的根源皆不同。 在競爭愈發激烈與國際化的金融環境下，經歷2008年雷曼兄弟危機之後金融業者被迫更一步檢視金融產業之供應鏈。台灣政府並推出兩次金融改革以幫助台灣金融市場更自由化與國際化。第一次金融改革為達成金融業供應鏈之水平整合，第二次金融改革則為協助其供應鏈之垂直整合。台灣政府希望藉由併購策略增加營運效率，並以併購綜效提升金融機構規模，來強化國內銀行之國際競爭力。但併購之成功需仰賴多方面之因素，如營運理念、組織架構、公司文化以及人事管理。因此，一家進行併購動作之企業必須得多方面考量。 本研究以渣打銀行、花旗銀行與匯豐銀行三家外商銀行之併購個案分析為例以回顧併購時的整合流程，並與台灣銀行業之平均資料進行財務表現之比較分析，檢視併購前後之獲利性、成本效率性、組織結構、企業文化與人事管理之變化及表現。 本研究發現併購後之整合過程中會產生障礙與爭議，銀行高層管理人需要規劃出清晰的策略並為員工提供具吸引力的提早退休方案以舒緩並減輕合併後所帶來的文化衝擊，藉以達到經濟規模與發揮綜效之結果。本文所提出之三個併購個案皆為台灣金融業供應鏈之向前垂直整合之成功案例，並進一步發現花旗銀行與匯豐銀行之財務表現皆優於渣打銀行，且本文每家銀行皆因不同財務危機而面臨不同問題。目前金融供應鏈向前整合之成功併購策略被國內銀行廣泛應用，如中國信託銀行、台北富邦銀行、國泰世華銀行皆以併購策略拓展經營地點至日本、越南、馬來西亞和菲律賓，以強化自身競爭力。我們希望未來政府能提出第三次金融改革以創造強健的台灣銀行以角逐世界盃。

A Goldman Sachs partner once spoke to me, “no matter how many years in the financial industry, there were always things that could surprise you.” Look back in the history, every financial crisis happened, the root cause was always different. Under the increasing competitiveness of international financial environment, the financial industry was forced to take a closer look of financial industry supply chain after the Lehman Brothers crisis in 2008. Taiwanese government implemented two financial reforms to help the financial market become more liberalized and internationalized. The first financial reform was to achieve horizontal integration of financial industry supply chain, and the second reform was to achieve vertical integration of financial industry supply chain. Taiwanese government hoped to strength the domestic bank’s international competitiveness by using mergers and acquisition (M&A) strategy to enhance operational efficiency, and find synergy to scale up the financial institutions. But the key to success of M&A lied in many faces, such as business philosophy, organization structure, company culture, and people management. Therefore, companies must have diversification thinking when executing M&A strategy. The study of Taiwan financial industry supply chain forward integration is to use three foreign banks namely Standard Charted Bank, Citibank, and Hongkong and Shanghai bank M&A case analysis to review the integration process during the merger. In addition, the study also uses comparative analysis of financial performance to review profitability, cost efficiency, organization structure, culture, and people management before and after the merger by comparing the data to average of Taiwan banking industry. The conclusion of the study indicated that after the M&A, there were obstacles and conflicts during the integration. The top management needed to map out a clear strategy and offered attractive early retirement package to smoothly minimize the culture impact to achieve economic of scale and finding the synergy. The Taiwan financial industry supply chain forward integration was successful from each case analysis. Citibank (Taiwan) Limited and HSBC (Taiwan) Limited have achieved better financial result than SCB (Taiwan) Limited but each bank seems to face different problems due to different international financial crisis. But the successful M&A strategy applied to financial supply chain forward integration has now been widely used in local private banks, namely, Chinatrust Commercial Bank, Fubon Commercial Bank, Cathay United Bank to “play Asia cup” which use M&A to expand the business into Japan, Vietnam, Malaysia, and Philippine. We hope the future government would allow the third financial reform to create a few strong Taiwanese banks by further merging the government banks to create a few world class banks to compete in the world cup.