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Bank merger and acquisitions activity in the EU: much ado about nothing?

This paper investigates the patterns of consolidation within the European banking industry and examines the efficiency of the banks involved in the merger and acquisitions (M&A) activity to determine whether their performance improved as a result of M&A decisions. The performance of these banks is compared with that of other large banks, which have chosen alternative routes of development. The period covered is 1998 to 2004. The findings suggest that banks involved in M&A activity are more efficient after the M&A or when compared with other large banks. Country-specific characteristics appear to play an important role in explaining the results.