Namonyuk V. Cross-border bank mergers and acquisitions under global competitions.

The thesis discloses the role of cross-border M&A in the process of international consolidation in banking. The main causes of international concentration activation of bank capital have been discloed. They are: liberalization of the national regulator treatments, bank technologies development, that, mainly, resulted in financial globalization and sharpening of international competition. Influence of these factors was supported on occasion with the saving strategy changes of investors and introduction of euro which became the important catalysts of international M&A in banking. The analysis of present theoretical and empiric literature on synergy realization in cross-border M&A in banking revealed two directions of researches. The first one applies to the influence of mutual relations of merging partners on their future efficiency. The second direction concerns the sources of synergy gains - effects of scale and scope, strategic similarities and the advantages of management transferring. The author characterizes approaches of motivation peculiar for international M&A of banks. In particular, they are: hypothesis of client search (strategy of international expansion is used with the purpose of bringing in new clients and maintainance of existing), hypothesis of the initial going into a market (expansion is predetermined a desire to set a presence with the purpose of market research), following the leader hypothesis (the foreign investment of a leader pushes slightly other banks to the similar actions); following the client hypothesis. Comparison of growth strategies of transnational banks (investing in green assets, international M&A, international alliances), their advantages and failings is made. The empiric analysis of efficiency factors in cross-border banks M&A showed that interactions between acquirer and target before agreement (minority cross-shareholding) positively influences on the abnormal returns of acquirer. In addition, research results revealed that the higher level of regulations of economyalso has positive influence, explained with greater interest of arrival to the market of country with the higher level of adjusting through diminishing the efficiency of activity of targets.