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Fusões & Aquisições na Banca Portuguesa: O Impacto no Desempenho Operacional dos Bancos Adquirentes
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O presente trabalho, pretende investigar através de um estudo de caso, o processo de Fusões e Aquisições (F&A) na Banca Portuguesa. Mais concretamente, o impacto no desempenho operacional dos bancos adquirentes. Assim, foi analisado o processo de F&A do Banif - Banco Internacional do Funchal, S.A., por parte do Banco Santander Totta, S.A, através da análise do impacto que as transações obtiveram no desempenho operacional do Banco Santander Totta S.A.
Para a elaboração do estudo, foram escolhidos cinco indicadores que servem como base para a investigação: Return on Assets (ROA), Return on Equity (ROE), Valor da Empresa (VAL), a margem financeira e, por fim, numa perspetiva dos acionistas, será também estudado o indicador Equity Cash Flows Valuation (ECFV).
Com base na investigação, é possível verificar a evolução do desempenho do banco adquirente, sendo imperioso analisar se o processo de Fusão & Aquisição originou melhoria no desempenho do banco Santander Totta S.A na ótica do desempenho operacional e se, por conseguinte, criou valor para os seus shareholders.
Através da análise dos resultados dos principais indicadores de rendibilidade financeira, na globalidade, é possível concluir que o desempenho operacional do banco após o processo de F&A obteve resultados significativos. Tal é visível através da análise dos vários indicadores em estudo, como por exemplo o ROE que cresceu 11% face ao ano anterior ao processo de F&A, indicando que o banco obteve um aumento da rendibilidade sobre o seu património líquido
The present work intends to investigate, through a case study, the process of Mergers and Acquisitions (M&A) in Portuguese Banking. More specifically, the impact on the operating performance of acquiring banks. Thus, Banif - Banco Internacional do Funchal, S.A.'s M&A process was analyzed by Banco Santander Totta, S.A, through the analysis of the impact that transactions had on the operational performance of Banco Santander Totta S.A. For the preparation of the study, five indicators were chosen that serve as a basis for the investigation: Return on Assets (ROA), Return on Equity (ROE), Company Value (VAL), the financial margin and, finally, from a perspective of shareholders, the Equity Cash Flows Valuation (ECFV) indicator will also be studied. Based on the investigation, it is possible to verify the evolution of the acquiring bank's performance, and it is imperative to analyze whether the Merger & Acquisition process led to an improvement in the performance of Santander Totta SA in terms of operational performance and, therefore, created value for the its shareholders. By analyzing the results of the main financial profitability indicators, overall, it is possible to conclude that the bank's operational performance after the M&A process obtained significant results. This is visible through the analysis of the various indicators under study, such as the ROE, which grew 11% compared to the year before the M&A process, indicating that the bank obtained an increase in return on its net assets
The present work intends to investigate, through a case study, the process of Mergers and Acquisitions (M&A) in Portuguese Banking. More specifically, the impact on the operating performance of acquiring banks. Thus, Banif - Banco Internacional do Funchal, S.A.'s M&A process was analyzed by Banco Santander Totta, S.A, through the analysis of the impact that transactions had on the operational performance of Banco Santander Totta S.A. For the preparation of the study, five indicators were chosen that serve as a basis for the investigation: Return on Assets (ROA), Return on Equity (ROE), Company Value (VAL), the financial margin and, finally, from a perspective of shareholders, the Equity Cash Flows Valuation (ECFV) indicator will also be studied. Based on the investigation, it is possible to verify the evolution of the acquiring bank's performance, and it is imperative to analyze whether the Merger & Acquisition process led to an improvement in the performance of Santander Totta SA in terms of operational performance and, therefore, created value for the its shareholders. By analyzing the results of the main financial profitability indicators, overall, it is possible to conclude that the bank's operational performance after the M&A process obtained significant results. This is visible through the analysis of the various indicators under study, such as the ROE, which grew 11% compared to the year before the M&A process, indicating that the bank obtained an increase in return on its net assets
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Fusões & Aquisições (F&A) Return on Assets (ROA) Return on Equity (ROE) Valor da Empresa Margem Financeira Equity Cash Flows Valuation (ECFV) Mergers & Acquisitions (M&A) Company Value Financial margin