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安永_EY2017年银行与资本市场报告英文版24页

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文本描述
Scaling
new heights
M&A integration in banking
& capital markets
Contents
1 Foreword4 Preparing to integrate
6 Target operating model design
10 Managing the integration
14 Realizing value
18 Looking ahead
20Demographics and methodology
21 About Remark
22 About EY
22 EY contacts
Foreword
After two strong years for M&A activity in banking and capital markets, the pressure is now
on acquirers to prove they can secure value from the transactions they have pursued. Banks’
integration teams must demonstrate that the synergies and strategies that drove the deal
integration study,
Scaling new heights
. While across the banking and capital markets sectors,
and delivering the integration of an acquisition remains a very human challenge.
The good news is that banks are better prepared for the challenges of the integration
process than ever before. Our research highlights the extent to which most banks now
put in place well-developed integration plans, fully-formed target operating models and
communications strategies well before transactions are closed. Even without the commercial
imperative for such mature preparation, stakeholders ranging from investors to regulators
now demand to see such planning.
Nevertheless, executives from leading banks and capital markets organizations interviewed
for this survey see plenty of room for improvement. They’re keen for more and better-
quality resources to be dedicated to integration, and committed to developing more rigorous
performance measurement metrics by which integration success can be judged.
Their determination will be important in an environment that remains volatile and
challenging. And the experiences they have shared in this research provide invaluable
insights into the priorities in the integration phase.
their implications for how your organization approaches M&A integration. Please get in
touch with one of the key contacts listed at the end of this report or your regular EY Banking
and Capital Markets contact.
Michael Wada,
Partner, London
EMEIA Financial
Services, Transaction
Advisory Services
Scaling new heights: M&A integration in banking & capital markets1
2 Scaling new heights: M&A integration in banking & capital markets
In this survey, we analyze a number of similar areas to our
conducted in 2015. We have used the results to identify key
trends and delve deeper into a number of areas, identifying
new insights for those undertaking integration in the banking
and capital markets sector.
Key developments since the 2015 survey
Integration planning pre-signing is no
longer just best practice, it’s a minimum
requirement: 95% of respondents say
they start their integration planning
before signing, compared with 76% in our
previous survey.
Eighty-three percent of banking and capital
markets deals now involve a transitional services
agreement with the seller (whereas only 32%
of deals involved a carve-out in 2015). These
agreements can help expedite deal closure but
also add complexity to the integration approach.
Discipline in synergy realization planning and
tracking is now critical to success – 31% cite
this as the top area requiring improvement,
surpassing starting integration planning
earlier in the last survey.
More value is being created: 71% of
respondents say they are now generating
cost synergies of more than 30% of the
target’s cost base. This compares to only
52% generating the same amount in the
previous survey. We believe this is driven
number of domestic deals (74% this time,
compared with 35% last time).
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