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Evaluation of Banking Internationalization Evaluation of Banking Internationalization -A case study of Nordea in Poland and SEB in Germany Master thesis within Corporate Finance Author: Emelie Antonsson, Annie Arrhenius Tutor: Andreas Stephan Jan Weiss Jönköping May 2011 Acknowledgements The authors would like to express their gratitude to the people that have been a part of the process in developing this Master Thesis. First the authors would like to thank the interviewed employees at Nordea and SEB for giving their knowledge and providing valuable input to the evaluation. The authors would also like to thank Andreas Stephan and Jan Weiss as well as Olof Brunninge, for the comments and feedback throughout this process. The authors are responsible for the contents of this thesis. All eventual criticism should be directed to them rather than the sources stated in this thesis. Master’s Thesis in Corporate Finance Title: Evaluation of Banking Internationalization Author: Emelie Antonsson, Annie Arrhenius Tutor: Andreas Stephan, Jan Weiss Date: 2011-05-20 Subject terms: Internationalization, Incentives, Establishment, Identity, CAMEL Abstract The purpose of this thesis is to gain a deeper understanding in the internationalization process that Swedish banks go through. This will be achieved by evaluating Nordea and SEB and their internationalization to Poland and Germany. The concept of internationalization is constantly being explored, leading to different forms of results and theories within this area of research. Nordea is one of the largest providers of financial services in the Nordic and Baltic Sea region. Nordea has a strong focus on expanding their internationalization. SEB’s biggest markets are the Nordic countries, the Baltic’s and Germany. SEB has diverse strategies and struc- tures in the different countries that the bank operates in. The methodology for this thesis is of a deductive approach performed with qualitative and quantitative data. A case study on Nordea and SEB is performed. To complement the case study results, a CAMEL rating is conducted on Nordea and SEB to assess the risk and earnings per- formance on each bank and and their specific internationalization locations. Evidence from this thesis confirms that the amount of knowledge and experience put in by the bank to the location is essential for the success of internationalization. This research found Nordea’s incentives towards Poland were the higher potential in growth in emerging markets. For SEB the incentive was mainly to follow customers which confirm that SEB has a strong commitment to the home market which leads the bank to new activities. The authors found the CAMEL rating to be a valuable tool for evaluating foreign operations. The authors believe an external CAMEL rating should be assigned each parent company along with their internationalization loca- tions. Both banks obtained very low ratings according to these measures which indi- cates good and solid performance with little need for supervision. Nordea and SEB are both stable banks in Sweden as well as abroad. The international operations as- sess a slightly higher CAMEL rating for both banks which shows that the banks have a more stable business in the domestic countries. The CAMEL rating showed that Nordea and SEB’s parent companies are well prepared for the new Basel regulations which will be implemented in 2013 while the acquisitions in Poland and Germany must make adoptions to the new set of requirements. Table of Contents 1 Introduction ............................................................................. 1 1.1 Background....................................................................................1 1.2 Problem discussion........................................................................2 1.3 Purpose .........................................................................................3 1.4 Research questions .......................................................................4 1.5 Delimitations ..................................................................................4 2 Theoretical framework.......................................................... 5 2.1 Incentives to internationalization....................................................5 2.1.1 New markets .......................................................................5 2.1.2 Economic structure and location .........................................6 2.1.3 Regulations .........................................................................6 2.1.4 Concentration for market power ..........................................7 2.1.5 Customers...........................................................................7 2.1.6 Financial incentives.............................................................7 2.1.7 Historical and cultural determinants ....................................8 2.2 The process of establishment in a foreign market .........................8 2.2.1 Three conditions..................................................................8 2.2.1.1 Experience conditions ........................................................................................8 2.2.1.2 Exchange conditions ..........................................................................................8 2.2.1.3 Operational condition........................................................................................9 2.2.2 Establish position and development....................................9 2.3 The Uppsala internationalization model.........................................9 2.3.1 The Uppsala Model Revisited ...........................................11 2.4 Organizational identity in transition .............................................. 11 3 Method................................................................................. 13 3.1 Research design.......................................................................... 13 3.1.1 Deductive approach to theory ...........................................13 3.1.2 Exploratory research ......................................................... 13 3.2 Data Collection ............................................................................14 3.2.1 Qualitative and Quantitative study..................................... 14 3.2.2 Primary data...................................................................... 15 3.2.3 Secondary data .................................................................15 3.2.4 Data collection for the CAMEL model ...............................15 3.3 Research strategy........................................................................16 3.3.1 Case study ........................................................................16 3.4 Interviews..................................................................................... 17 3.4.1 Outline for semi-structured interview................................. 17 3.5 Quality assessment ..................................................................... 18 3.5.1 Reliability........................................................................... 18 3.5.2 Validity...............................................................................18 3.5.3 Generalizability..................................................................19 3.6 Method for developing a financial analysis .................................. 19 3.6.1 CAMEL background .......................................................... 19 3.6.2 Capital adequacy .............................................................. 20 3.6.3 Asset Quality..................................................................... 21 3.6.4 Management quality.......................................................... 22 3.6.5 Earnings performance.......................................................23 3.6.6 Liquidity.............................................................................24 i 3.6.7 The CAMEL rating............................................................. 25 4 Empirical findings for Nordea............................................ 27 4.1 Background Nordea Group.......................................................... 27 4.2 Nordea Group internationalization background............................ 27 4.3 Nordea Bank Polska ....................................................................28 4.3.1 The business case ............................................................29 4.3.2 The investment..................................................................30 4.4 International management ........................................................... 30 4.4.1 International identity .......................................................... 30 4.5 Return and growth ....................................................................... 31 4.6 Market..........................................................................................31 4.6.1 Regulations ....................................................................... 32 4.6.2 Credit risk.......................................................................... 33 4.7 Customers ................................................................................... 34 4.7.1 Culture...............................................................................34 5 Analysis Nordea.................................................................. 35 5.1 Incentives to internationalization.................................................. 35 5.2 The process of establishment in a foreign market ....................... 36 5.3 Uppsala Internationalization Model.............................................
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