跨國金融機構併購對於區域市場發展影響之研究 – 以在台外商銀行之併購整合為例

外商銀行的設立跟投資，被視為評估一個國家是否國際化、開放及自由化的象徵，不僅能為台灣帶入引入投資資金，更能帶進人才及國際金融經驗而刺激台灣金融的發展。在1990年中後期，台灣興起金融整併風，主管機關暫時凍結發給分行執照，金融機構僅能透過整併來達到擴張的效果。近日，金融市場已進化發展到新的型態，推行電子銀行，數個中大型銀行也陸續在關閉分行。在過去的20年間，台灣的金融機構整併時有所聞，外商銀行更是時有更迭及對台資銀行的收購甚至處分台灣資產退出台灣市場等案例，本研究希望透過對於過去案例的觀察，來了解外資銀行併購及整合的安排、對台灣金融市場的影響，及提出結論和對於未來的建議。本研究採用文獻分析法及訪談法，透過文獻及資料閱讀及探討以瞭解跨國併購的動機、目的、交易類型，及併購整合所產生之綜效，以呈現量化的意義。同時，透過訪談方式、以訪談對象的觀點深入了解所選取的個案之併購整合程序及影響，而呈現質化解答。本研究選取的三個跨國金融機構進行併購時，均涉及台灣市場，分別為美商花旗銀行、澳商澳盛銀行及日商三菱日聯銀行。本研究發現，由於金融機構屬於高度管制的產業，國家及主管機關的態度及政策，是影響金融機構經營甚至併購整合成敗的先決要素。因此，金融機構在收購及整合過程中，須與主管機關持續溝通及更新進度，而能促使收購整合程序更為順暢。在整合過程中，必須尊重「企業文化」、「員工專才」及「企業作業流程」等無形資產，放入整合評估項目之一，亦會有助於整合及發揮綜效。此外，在變遷快速的大環境下，金融機構的收購、整合及經營亦須考量系統性風險，需保守預估及穩健經營，以因應預期外的變數，並能在變數發生時進行調整。

關鍵字

外商銀行；併購；整合；綜效

並列摘要

The establishment and investment of foreign bank in a new country is symbolic in terms of internationalization and liberalization. Investment by a foreign bank can not only bring in funds to Taiwan, but also bring in international talents and the experience which would positively influence Taiwan’s financial development. From the late 90’, the most efficient way for a financial institution in Taiwan to expand its territory scope (i.e. branch) was merger and acquisition because the competent authority in Taiwan suspended to issue new branch licenses to any applicant. Hence, there were trends in Taiwan for financial institutions to conduct merger and acquisition. Until now, the financial market has evolved and developed into a new era, most large banks are closing their branches step by step due to the new platform of e-banking. During the past 20 years, there have been several cases involving foreign bank’s merger and acquisition in Taiwan, and even, some international financial groups disposes their assets and business here and leaved Taiwan’s local market. This study was trying to explore the relevant cases to observe and analyze the motivation, purpose and arrangement behind a foreign bank’s M&A, the integration process and the impact on Taiwan’s financial market, and to put forward conclusions and suggestions. The method of document analysis was used to introduce the motive, purpose, types of transactions and the comprehensive effects of M&A and synergy due to the integration in order to present quantitative significance. Also, through the interview method, the interviewee's point of view is used to deeply understand the integration process and impact of the cases to present a qualitative answer. For this study, three M&A deals by multinational financial institutions, Citibank, ANZ Bank and Mitsubishi UFJ Bank, were chose to illustrate the M&A and integration process, and how to achieve synergy in M&A. Due to the nature of the financial industry that is subject to supervision and monitor of the competent authorities, governmental policy is the prerequisite factors which could affect the operation of financial institutions and even the success of M&A and integration post-M&A. Hence, financial institutions must continuously communicate with the competent authority and update the progress, which can facilitate the acquisition and integration process. It is crucial to put intangible assets such as “corporate culture”, “employee expertise” and “corporate operating procedures” into evaluation for integration, respect of corporate culture will also help the integration and reach synergy. Last, but not the least, must take system risk and market change into consideration during a M&A, integration and operation of financial institutions, conservative estimation and stable operation are required to respond to unexpected variables and properly adjust when they occur.