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Effectiveness of Pakistani Banks After Merger and Acquisition

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Effectiveness of Pakistani Banks After Merger and Acquisition onomics Ec & of M l a a n n r a g u e o Ullah et al., Int J Econ Manag Sci 2015, 5:1 m J l e a n International Journal of Economics & n t DOI: 10.4172/2162-6359.1000311 o S i t c a i e n n r c e t e n s I ISSN: 2162-6359 Management Sciences ResearchResearch Article Article OpenOpen Access Access Effectiveness of Pakistani Banks after Merger and Acquisition Muhammad Rizwan Ullah1*, Muhammad Azam2, Muhammad Awais1 and Mamoona Majeed3 1Department of Banking and Finance, Government College University Faisalabad, Pakistan 2Department of Business Administration, Virtual University Islamabad, Pakistan 3Department of Commerce and Finance, Superior University Lahore, Pakistan Abstract The aim of merger of banks is to increase the value of banks in one way or another. The days of globalization and liberalization are in and there is a rash of merger and acquisition which is sweeping the corporate world. Consolidation in banking industry should essentially be synergy-driven to obtain a quantum leap in the effectiveness of the merged entity. It can be attained by merging complementary strength, serving a greater number of customers in a good way with more differentiated skills and products, giving a well geographical spread, comprising the cost of combined entity, better utilization of available resources, recognizing the opportunities for cross selling, deriving economies of scale and reduced competition. Over the last span, the banking industry in Pakistan has not only grown-up in terms of size but also consolidated, matured and diversified to contribute towards constructing a strong financial system. In this study, five bank merger’s cases have been taken and Null Hypothesis (there is no difference in the mean value of selected variables before and after the merger) is found rejected. Based on overall analysis, merger of My Bank Limited with Summit Bank Limited was more effective in most of the variables as compared to the merger of PICIC Commercial Bank Limited with National Investment Bank Limited, Union Bank Limited with Standard Chartered Bank Limited, JS investment Bank Limited with JS Bank Limited and Askari Leasing Limited with Askari Bank Limited. Keywords: Merger; Acquisition; Banks Strategic motive is linked with improving the strength of the firm’s strategy, for example, utilizing a core competence of a firm, creating Backdrop synergy, providing the company with complementary resources, Merger refers to the prearrangement or procedure where the assets strengths, products and increasing market power. Market motive of two firms become vested under the control of one firm (whose name targets at entering new markets in new countries or areas by acquiring may or may not be exist), which has all or considerably all, the owners already recognized companies as the quickest way or as a path to get of the two firms [1]. Gaughan [2] argued that merger is a mixture of access without adding more capacity. Economic motive is associated two firms or companies in which only one firm survive and the merged with establishing economics of scale; personal motive is concerned firm comes to an end, whereby the acquiring firm accepts the liabilities with the management hubris and agency problems. and assets of the merged firm. Purpose of the case study is to evaluate the effectiveness of merger A Merger or Acquisition is the most one transformative and acquisition of the sample merged banks on the basis of selected undertaken in a firm’s life. Achieving growth of corporate can occur set of variables before and after merger and acquisition. The rest part through external or internal means. Langford and Male [3] recognized of the study is categorized as follows: section two deals with the design three ways of achieving corporate development and growth. Internally of research and methodology; section three consists of results and (organic path); a firm achieves development and growth by expanding discussions and; section four concludes the study. firm’s infrastructure activities and customer base and thus profits and Design of Research and Methodology revenues. Externally (inorganic path); inorganic way offers immediate development and growth, so Merger and Acquisition can be considered Data sample and study period as an external mean or inorganic strategy of development and growth. The present research consists of the merger and acquisition of Inorganic strategy has become important in the global environment for commercial banks. The merger and acquisition cases selection has been attaining economies of scale, improving performance and efficiency, made on the basis of data uniformity and availability. These cases are entering in the new markets and constructing new abilities [4]. Choi shown in Table 1. The mergers of the sample banks have taken place on and Russel [5] strengthened the opinion that modern businesses pursue various dates during post reform period. In order to make performance to grow so as to persist in the competitive markets using Merger and comparison of selected merged banks, four years data before the merger Acquisition and it has been recognized as the most important incident and four years data after the merger have been evaluated. Thus, a nine in corporate finance for companies as well as the economy [6]. To a wide range companies involve in Merger and Acquisition for gains that can grow through reduction of expenses, reduced earnings volatility, increased market power and scope and scale economies. Over the last *Corresponding author: Muhammad Rizwan Ullah, Department of Banking and Finance, Government College University Faisalabad, Pakistan, Tel: +92 41 span, the banking industry in Pakistan has not only grown-up in terms 9200886; E-mail: [email protected] of size but also consolidated, matured and diversified to contribute Received August 27, 2015; Accepted November 12, 2015; Published November towards constructing a strong financial system. Banks consolidation 16, 2015 through Merger and Acquisition is not a new phenomenon for banking Citation: Ullah MR, Azam M, Awais M, Majeed M (2015) Effectiveness of Pakistani system in Pakistan. Banks after Merger and Acquisition. Int J Econ Manag Sci 5: 311. doi:10.4172/2162- Companies choose merger and acquisition as strategy of growth for 6359.1000311 various reasons. Hopkins [7] categorized the merger and acquisition Copyright: © 2015 Ullah MR, et al. This is an open-access article distributed under motives proposed in the previous studies as four distinctive but the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and interrelated motives: economic, strategic, market and personal motives. source are credited. Int J Econ Manag Sci ISSN: 2162-6359 IJEMS, an open access journal Volume 5 • Issue 1 • 1000311 Citation: Ullah MR, Azam M, Awais M, Majeed M (2015) Effectiveness of Pakistani Banks after Merger and Acquisition. Int J Econ Manag Sci 5: 311. doi:10.4172/2162-6359.1000311 Page 2 of 6 Sr. No. Name of Merged Bank Merged With Merger Date Interest income is one of the important sources of banking sector. 1 My Bank Ltd. Summit Bank Ltd 06.07.2011 Interest expenditure: Interest or markup offered to the customers 2 Askari Leasing Ltd. Askari Bank Ltd. 10.03.2010 in various fixed deposit and saving accounts and debt capital interest 3 PICIC Commercial Bank Ltd National Investment Bank Ltd. 01.01.2008 is known as interest expenditure. In order to minimize the interest 4 Union Bank Ltd. Standard Chartered Bank Ltd. 29.12.2006 expenditure the operating efficiency must be increased and the 5 JS Investment Bank Ltd. JS Bank Ltd. 30.12.2006 operating performance can be improved by merger and acquisition. Note: PICIC is pakistan industrial credit and investment corporation; JS is Jahangir Siddiqui; NIB (National Investment Bank) and SCB (Standard Chartered Bank). Total income: Total income is the amount of revenue earned from various sources. In case of banking business the main income Table 1: Merged banks. is the interest income. However, for the study purpose, total income years period data has been evaluated. The present study data consist of indicates the dividend received, exchange transactions, interest published annual financial statements. received, commission and brokerage and security transactions etc. The expectation is that the total income will be maximized after the merger Variables description and acquisition. To analyze the effectiveness of Merger and Acquisition (M&A) Total expenditure: Total Expenditure refers to the expense beard to of sample banks following eleven variables have been recognized, operate the banking business. In order to increase the bank profitability discussed below: the total expenditure must be controlled. Total expenditure can be controlled by increasing the operating efficiency and the operating Capital: Capital indicates the resources of a firm contributed by the efficiency of banks can be improved by merger and acquisition. shareholders (owners). The capital comprises of share capital, reserves and unappropriated profits. Capital growth indicates the banks capacity Net profit: The profit is an efficiency indicator with which the to attract deposits, to borrow from the general public and lend to the operations of business are carried out by corporate sector. The poor business units. One of the objectives of the merger is to raise the bank’s performance of operations may leads to poor sales which results in capital base. After banks merger the sufficient capital base is expected. poor profits. The merger and acquisition intends to increase profits through elimination of overlapping activities and to ensure savings Deposits: To accept the deposits from the customers is an through economic of scale. The profit amount may be enhanced important function of conventional banking business. Deposits are the through business expansion, optimal facilities utilization, reduction in one of the major source of lending money. Banks cannot offer loans overhead and increasing funds at low cost.
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