在金控法下银行购并之策略及个案研究—以台湾中信金控为例

Bank Merger’s Strategy under Financial Holding Companies (FHC) Act—Case Study of CTBC Holding Company in Taiwan

摘要: 面对国际金融市场的激烈竞争，金融购并的热潮正方兴未艾，2000年全球共有9500个案，购并总值$3.5兆美金。因应世界潮流，2001年台湾通过金融控股公司法，各大金融机构透过不断整合银行、证券和保险业者，成立金融控股公司，期望降低成本以获得财务、经营上的效益，达到股东财富最大化。金融购并是未来金融市场发展的必然趋势，国外购并案例较多且成熟，例如，1998年的花旗银行与旅行家集团高达829亿美元的购并案、2003年的美国银行BOA以417亿美元股权收购弗雷特波士顿银行Fleet Bostton Financial，国外购并案例多数带有策略性考虑，而台湾的银行业因应世界购并潮，为大型化进行的金融业购并，不乏有收购问题银行的购并案，因此，台湾的银行业是否能达1加1大于2的购并综效、增加市占率，值得我们进行研究。本文以个案分析法对台湾个案公司-中信金控的购并过程和结果进行系统分析、探讨，找出金融业购并的决策因素和模式，分析其购并背后的真正意义；为未来可能会面临购并的主并公司和目标公司提供更多的参考。

Abstract: Facing the fierce competition in international financial markets and the booming of M&A activities, which is worth $3.5 trillion dollars in the global total of 9500 cases in 2000, financial holding companies (FHC) in Taiwan are continually established following the passage of Financial Holding Company law at year 2001. The financial institutions aim to integrate banks, security firms or in-surance companies either to reduce costs, or to obtain the operating benefits for the maximization of shareholders’ wealth. There are more matured and successful merger cases in foreign countries, such as, 1998 the Citigroup-travelers merger and 2003 BOA-Fleet Boston merger. Most of foreign financial merger cases take strategic policy into consideration in way of horizontal or vertical merger. Following the development of M&A, the financial institutions in Taiwan try to find suitable partners for mergers even if the target firm may be a troubled bank. Whether the M&A in Taiwan financial firms could reach their goals deserves further study. This paper applies the merger case analysis of CTBC holding company and tries to find out the determinants in decision-making of merger activities. The results should provide useful information for both acquirers and target companies in consideration of the merger.