EY：2017銀行與資本市場報告（24頁）.pdf

1、Scaling new heights M boards, shareholders and regulators are very attune to this, asking questions about integration from the outset of a potential deal. At the same time, bank executives are trying to deliver organic growth in challenging market circumstances; attempting to create a hugely complex

2、 change project agenda and doing so with resource constraints across the business. For this combination of reasons, integration planning ahead of deal signing has moved from being best practice to a minimum requirement for banks. Three-quarters (75%) have a high-level target operating plan in place

3、by the time the deal is signed. Meanwhile, two-thirds ? and the same number has their synergy case in place. Nor are acquirers only inwardly focused 68% of respondents have a communications strategy ready by the time deals are signed (Figure 1). The key to success, according to the head of strategy

4、at a leading Canadian bank, is to have such blueprints ready for day one: “We set the right operating model for the target before signing the deal as we wanted to make sure we could work our strategies into the business once the deal was signed,” the director says of a recent transaction. “The targe

5、t needed to be restructured as its business model was too complex. This led to negative business performance, which we looked to mitigate by strategizing to make the business operating model simpler.” 0%10%20%30%40%50%60%70%80% None of the above High-level integration plan ? ? ? ? 75% 68% 67% 67% 62

6、% 5% ? ? you have in place at signing or deal announcement? (Select all that apply) Banks point to employee engagement and communication as the number one risk as they seek to ensure people readiness on day one after closing 56% of respondents pick this as one of their top two concerns. Banks and ot

7、her capital markets businesses naturally want to hit the ground running on completion of M however, while 70% of respondents say this is the case with their core banking system, the ? (Figure 6). ? banks to put digitalization front and center in their future growth strategies. However, achieving the

8、 required level of integration needs careful planning ? of M only 12% report a slowdown (Figure 15). In fact, integration offers an opportunity for innovators if that is made a priority during the process, argues the director ? “Our innovation and strategy team was asked to explore potential opportu

9、nities ?66% ?55% ? ? 54% ?52% ?2% 70% Impact meter 40% 30% 20% 10% 50% 60% 0% ? synergy realization? (All that apply) 66% say that they commissioned independent audits or reviews of synergy realization. 60% of respondents believe product and service innovation accelerated during their post-deal inte

10、gration work. Scaling new heights: M moreover, in a constantly evolving marketplace, the backdrop to deal-making is continually changing. Integration teams will need to adapt accordingly. In the near future, that idea may prove particularly important in the context of technological transformation. A

11、sked which trends had the biggest impact during the integration stage of their most recent transaction only 6% of respondents picked out increasing digitalization. However, this increased to 60% when thinking about future acquisitions, representing the largest upward shift. to perform better in futu

12、re; almost a third of respondents (31%) highlight this area. A further 21% say the focus should be on more effective governance, decision-making and programme management (Figure 16). One way to respond to this call for improved discipline in synergy realization planning and tracking is by ensuring t

13、hat a specialist team is permanently available to the bank. ? have already put such teams in place and those organizations that have yet to do so uniformly express their desire to follow suit. Similarly, for many acquirers, it makes sense to develop an in-house playbook setting out best-practice met

14、hodology for approaching integration work. Almost two- thirds of respondents (64%) say they have developed this sort of resource, while 34% would like to do so (Figure 17). Dedicated resources who work on integrations Methodology / playbook for integrations Yes Yes No, but would like No, but would l

15、ike No2% 82% 18% 64% 34% ? ? Banks also expect new technologies to dominate future integrations they predict enhanced data analytics, FinTech and blockchain developments, and cloud computing will all have an important impact (Figure 18). That will require dedicated integration teams to shift their a

16、pproach in future transactions and to deploy their playbooks in a fashion that is appropriate to the prevailing themes. As the senior director of strategy at one Asian bank puts it: “We have to consider the market situation at the time the integration work is being done.” In future, the director sug

17、gests, that means “starting integration planning even earlier to give ourselves time to adapt without incurring additional cost.” Increasing digitalization Changes in the workforce ? ? ? ? ? Sector convergence ? ? ? 0%10%20%30%40%50%60%70%80%90% 100% ? Percentage ?Reverse trend ? ? ? 20 Scaling new

18、heights: M&A integration in banking & capital markets 39% 25% 36% EMEIA ? Americas 48% 39% 3% 10% More than US$1b US$500mUS$1b US$100mUS$499m Less than US$100m 0%5%10%15%20%25%30%35% 1 2 3 4 More than 5 16% 17% 30% 27% 10% 0510152025303540 Share deal (majority) Hybrid Asset deal Share deal (minority

19、) 15% 24% 28% 33% Demographics and methodology Region? ? undertaken in the past 36 months? ? Scaling new heights: M&A integration in banking & capital markets 21 74% 26% Domestic Cross-border 88% 12% Smaller Roughly the same ? categorize your transaction? In comparison to your existing business, wha

20、t size was the target? About the research In December 2016, Remark, the market research division of the Mergermarket Group, surveyed 200 C-level executives ? in the survey had conducted a recent acquisition. Those surveyed occupy a range of senior roles, such as CFO, strategy director, head of M&A a

21、nd integration director. To be eligible for the ? as net interest income, fees and commissions, and other income) greater than US$8b. The survey included a combination of qualitative and quantitative questions, and all interviews were conducted over the telephone by appointment, with the results ana

22、lyzed and collated by Mergermarket. All responses are anonymized and presented in aggregate. About Remark Remark, the events and publications arm of The Mergermarket Group, offers a range of publishing, research and events services ? business opportunities with their target audience. For more inform

23、ation, please contact: Simon Elliott Publisher, Remark Tel: +44 20 3741 1060 Email: About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust ? over. We develop outstanding leaders who team to deliver on our pro

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27、. Ultimately, this team enables us to help you meet your goals and compete more effectively. 2017 EYGM Limited. All Rights Reserved. EYG no. 03157-174GBL ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other

28、professional ? The views of third parties set out in this publication are not necessarily the ? should be seen in the context of the time they were made. EY | Assurance | Tax | Transactions | Advisory EY contacts Contact us about this report. Global Charlie Alexander EY Global Banking and Capital Ma

29、rkets Transactions Leader +852 2629 3961 Americas Aaron Byrne Principal, Chicago +1 312 879 4037 Dorree Ebner Principal, New York +1 212 773 0035 EMEIA Michael Wada Partner, London +44 207 951 9368 Murray Falconer Partner, London +44 207 951 2733 ? Daryn Saretzki Partner, Sydney +61 2 8295 6638 Henry Lacey Partner, Hong Kong +852 2846 9928 Alternatively, please get in touch with your regular EY Banking and Capital Markets contact.