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Tables of Contents for Banking Privatisation in Europe
Chapter/Section Title
Page #
Page Count
Preface
v
List of Contributions
vii
Introduction
1
8
I Theorethical Issues and Main Evidence from the Comparative Analysis
9
110
The Conversion Process from a State Enterprise into a Public Company
11
34
Terminology
11
1
The Objectives of the Privatisation Process
12
8
The Formal Privatisation Process: the Change in Legal Status
20
15
Formal Privatisation in Great Britain
21
3
Formal Privatisation in France
24
2
Formal Privatisation in Germany
26
2
Formal Privatisation in Italy
28
2
The Formal Privatisation of Public Banks
30
5
The Formal Privatisation Process: the Choice of Disposal Mechanisms
35
6
References
41
4
Methods of Privatisation. Optimisation of the Objectives of Sellers and Investors, and the Role of Financial Institutions
45
48
Introduction
45
2
The Technical Forms of Substantial Privatisation
47
24
The Methods of Share Placement and Pricing
47
1
Public Offer at a Fixed Price
48
1
Public Offer with Auction
49
1
Public Placement with Book-building
49
2
Private Placement
51
3
The Issue of Convertible Bonds
54
1
Other ,,Primordial`` Instruments for Privatisation
54
2
Target Market and Accessory Clauses
56
7
The Golden Share or Action Specifique
63
2
Clauses Intended to Encourage Individual Shareholders
65
1
Bonus Shares
66
2
The Stabilising Bid and Greenshoe Option
68
1
The Claw-back Clause
69
1
Obligation on ,,Stable`` or ,,Financial`` Investors
69
1
Timing of Operations and Privatisation in Stages
70
1
The Phenomenon of Underpricing
71
12
Theoretical Outlines and Methodology
71
4
Empirical Evidence in Cases of Bank Privatisation
75
8
The Role of Financial Intermediaries
83
2
Conclusions
85
2
References
87
3
Annexes
90
3
The Strategic and Organisational Effects of Bank Privatisation
93
26
Introduction
93
4
The Impact on Strategy: a Possible Verification Model
97
14
The Main Factors of Change
97
5
The Logical Model for a Reading of the Cause and Effect Relationships between Privatisation and Banks' Strategic and Organisational Choices
102
1
The Importance of Endogenous Factors
102
2
The Importance of Exogenous Factors
104
3
The Importance of the Full Privatisation Process
107
4
The Importance of the Company Cases Examined
111
3
Conclusions
114
2
References
116
3
II Case Studies
119
202
The Spanish Experience: Argentaria Privatisation
121
18
Introduction
121
1
A Brief Description of the Spanish Banking System
121
1
Background to Concentration in the Banking Industry
122
2
The Role of Public Banks Prior to the Founding of Grupo Argentaria
124
1
Privatising Grupo Argentaria
124
1
Constitution of Grupo Argentaria
125
1
Chronology
126
1
Preliminary Organisation
127
3
Business Units at the Time Argentaria Was Constituted (1991)
127
1
Argentaria in the Spanish Financial System
128
2
Argentaria: a Listed Security
130
5
Initial Public Offering
130
2
The Second Public Share Offering
132
1
Third Public Share Offering
133
2
Fourth and Final Public Share Offering
135
1
Summary and Conclusions
135
4
Bank Privatisation in France and a Case Study of Banque Nationale de Paris
139
40
Bank Privatisation in France
139
8
Features of the French Process
139
1
A Brief Background to the Law on Privatisation and the Impact of Those Privatisations Thus Far Carried Out
140
3
Reasons for the State Sale of Banks and the Development of the French Banking System
143
4
A Brief Background to the Banque Nationale de Paris
147
2
The Past
147
1
Recent Events
148
1
The Privatisation Operation
149
11
The Offer Conditions
150
1
The Offer for Sale
150
2
The Employee Offer
152
1
Institutional Investors Placements
153
1
Establishing a Stable Body of Shareholders
153
1
Operation Details and Final Outcome
154
6
The Impact of the Privatisation Operation
160
12
The Organisational and Strategic Effects
160
1
Changes in Strategy
160
5
Institutional and Organisational Changes
165
1
The Impact on Performance
166
1
The Profit-Assets Results
166
2
Market Performance
168
4
Conclusions
172
1
References
173
1
Annexes
174
5
The Italian Experience
179
58
Presentation
179
3
The Legislative Framework
179
2
The Company Cases Examined
181
1
The Privatisation of the Credito Italiano Group
182
30
Foreword
182
1
The History of the Bank
182
1
The Situation Prior to Privatisation
183
1
The Composition of the Corporate Bodies
184
1
The Structure of the Group
184
1
The Economic, Financial and Equity Situation in the Two-Year Period 1992-1993
185
3
The Privatisation of the Bank
188
4
Marketing Activity to Support the Operation
192
1
The Bookbuilding Technique to Collect Orders
192
1
The Discount on the Placement Price
193
1
The New Shareholders Following Privatisation
193
1
The Situation in the Four-Year Period 1994-1997
194
1
The Composition of the Corporate Bodies
194
1
The Structure of the Group
194
3
The Economic, Financial and Equity Situation in the Four-Year Period 1994-1997
197
5
Recent Developments in Credit Group's Strategy
202
1
Annexes: Credit's Data
203
9
The Privatisation of IMI
212
23
Foreword
212
1
The History: from the Beginning of the 1990's to Privatisation
212
1
The IMI Privatisation Process
213
1
The IMI1 Privatisation
214
1
The IMI2 Privatisation
215
1
The IMI3 Privatisation
216
1
The Impact of Privatisation
217
1
General Observations
217
3
Data Analysis
220
4
Conclusions
224
1
Annexes: IMI's Data
225
10
References
235
2
The Norwegian Experience: the Case of Den Norske Bank
237
32
Introduction
237
1
The Norwegian Financial System
238
1
The Credit System Crisis and the Intervention of the the Government
239
1
The Founding of Den Norske Bank
239
2
The Government Holding Sell-off Process
241
21
Conditions and Methods of the Privatisation Process
241
7
Changes in the Ownership Structure
248
4
The Dividend Policy
252
1
Changes in the Strategy, Organisational Set-up and Performances
252
1
Organisational Set-up
252
3
The Strategic Trends
255
2
Product Portfolio and Business Areas
257
1
Economic-Financial Assets Situation
258
4
Conclusions
262
2
Annexes
264
5
Privatisation in the German Banking Sector
269
26
Introduction
269
1
Current Aspects of Privatisation in Germany
269
1
An Outline of This Chapter
270
1
A Definition of Privatisation
270
1
The Privatisation of Depfa-Bank
270
8
Objectives
270
1
The Legal Procedures
271
1
Securities Placing Process
272
1
Financial Intermediaries and Timetable
272
1
Valuation
273
1
Ownership Structure and Business Policy After the Transformation
274
4
The Savings Banks Group
278
11
General Information
278
1
History of the Savings Banks
278
1
Structure of the Savings Banks Group
279
1
The Role of the Group within the German Banking Sector
280
1
Supporters and Their Arguments for Privatisation
281
3
Opponents of Privatisation and Their Arguments
284
2
Conclusions
286
3
Outlook
289
1
References
290
3
Annexes: Privatisation in the German Banking Sector
293
2
Privatisation of Russian Banks: the Case of Agroprombank
295
26
Privatisation in Russia: the Special Case
295
1
The Private Banking System
296
10
The Soviet Period Banking System
297
1
The Gorbachev's Perestroyka
298
1
The 1990 Banking Act
299
1
The Privatisation of Banks
300
2
The Growth and Permanent Crisis of Banking System
302
2
Corporate Control and the Role of Shareholders
304
1
Banks at the Stock Markets
305
1
The Case Study: Agroprombank's ``First'' and ``Second'' Privatisation
306
12
Agroprombank (APB)
308
1
APB and the Agrarian Policy
309
2
APB's Troubles
311
1
``Agrarian Lobby's'' Plan
311
1
APB's Management Plan
312
1
The Stolichny (SBS) Initiative
313
2
Mr. Potanin's Plan
315
1
The Tender
316
1
SBS-Agro
316
2
Summary and Conclusions
318
3
Editors and Contributing Authors
321