Publication: Mergers and acquisitions in the banking sector with recent experiences of Turkish banks
Abstract
TÜRK BANKALARINDAKİ YAKIN DÖNEM ÖRNEKLERLE BANKACILIK SEKTÖRÜNDEKİ BİRLEŞME VE SATINALMALAR Birleşme, iki ya da daha fazla şirketin tek bir şirket oluşturmak adına varlıklarını ve borçlarını birleştirmeleri faaliyeti olarak kabul edilmektedir. Satınalmalarda, bir şirket diğer şirketin mülkiyet haklarını elde eder ve yükümlülüklerini üstlenir. Banka birleşmeleri ve satınalmaları finans sektöründeki ihtiyaç nedeniyle ortaya çıkmıştır. Dünyadaki birleşme ve satınalmaların yanında, Türkiye'de Kasım 2000 ve Şubat 2001 finansal sektör krizlerinden sonra, bankacılık sektörü yeniden yapılandırma latılmıştır. Bu yeniden yapılandırma programının unsurlarından biri; vergi teşviği ile bankacılık sektöründeki birleşmeleri teşvik etmesidir. Bu teşvik ile 2001 yılında Türk bankaları arasında birkaç birleşme ve satınalma gerçekleşmiştir. Ana amaç; sinerji yaratmak ve bir birleşme ve satınalma faaliyetinden sonra daha fazla kar elde etmektir. Bu hedefe ulaşmak büyük bir başarıdır. Tezde birleşme ve satınalma işleminden sonra başarılı bir sonuca ulaşılıp ulaşılmadığını analiz etmek için karlılığın belirleyici değişkenlerini ölçen model üzerinde çalışılmıştır. Bankacılık sektöründeki birleşme ve satınalmalar 2001 yılında gerçekleştirildiğinden ve bu işlemlerle ilgili veriler 2002 yılına kadar var olduğundan tam bir başarıdan sözetmek için yeterli miktarda veri yoktur. Bununla beraber, bir yıllık veriye göre, bankanın karlılığındaki temel belirleyici etkenler birleşme ve satınalmadan sonra olumlu bir eğilim izlemiştir. Istanbul, 2004Oya Akseki
MERGERS AND ACQUISITIONS IN THE BANKING SECTOR WITH RECENT EXPERIENCES OF TURKISH BANKS A merger is accepted as an activity in which two or more company combines their assets and liabilities to form a unique company. In acquisitions, one company acquires the property and assumes the obligations of another company. Bank mergers and acquisitions emerged from necessity in the financial sector. Besides the M&A in the world, in Turkey after the November 2000 and February 2001 financial sector crises, banking sector restructuring program was started. One of the measures of this restructuring program is encouraging consolidation in the banking sector with tax incentives. With this encouragement there were some voluntary mergers and acquisitions among Turkish Banks in year 2001. Creating synergy and having more profit after a M&A activity is the main aim. Reaching this target is a great success. In order to analyze whether or not a successful solution was reached after the M&A process, a model was studied in the thesis. Since the panel data was up to the year 2002 and since the M&A in the banking sector was realized in year 2001, there was not a sufficient amount of data in order to mention an exact success. However, according to one-year data, it can be said that the main determinants on bank's profitability pursued a positive trend after the M&A. Istanbul, 2004Oya Akseki
MERGERS AND ACQUISITIONS IN THE BANKING SECTOR WITH RECENT EXPERIENCES OF TURKISH BANKS A merger is accepted as an activity in which two or more company combines their assets and liabilities to form a unique company. In acquisitions, one company acquires the property and assumes the obligations of another company. Bank mergers and acquisitions emerged from necessity in the financial sector. Besides the M&A in the world, in Turkey after the November 2000 and February 2001 financial sector crises, banking sector restructuring program was started. One of the measures of this restructuring program is encouraging consolidation in the banking sector with tax incentives. With this encouragement there were some voluntary mergers and acquisitions among Turkish Banks in year 2001. Creating synergy and having more profit after a M&A activity is the main aim. Reaching this target is a great success. In order to analyze whether or not a successful solution was reached after the M&A process, a model was studied in the thesis. Since the panel data was up to the year 2002 and since the M&A in the banking sector was realized in year 2001, there was not a sufficient amount of data in order to mention an exact success. However, according to one-year data, it can be said that the main determinants on bank's profitability pursued a positive trend after the M&A. Istanbul, 2004Oya Akseki