Word: giavazzi
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...interesting market, which will add diversification, solidity and stability to our future results," Santander chairman Emilio Botín proclaimed. So has the predicted round of consolidation begun at last? Er, not really. "This is not the beginning of cross-border banking mergers in the euro zone," says Francesco Giavazzi, an economist at Milan's Bocconi University. If anything, Giavazzi says, Santander's move in Britain demonstrates how many barriers remain to such transnational deals. Santander had already been blocked from taking over France's Société Générale in 1999 because the bid came...
...FRANCESCO GIAVAZZI, economist, Bocconi University
...third reason for bulking up, according to Francesco Giavazzi, a professor at Milan's prestigious Bocconi business school, is that corporate size really does matter in banking, especially since the biggest banks are turning into one-stop service centers. According to Giavazzi, European banks are starting to follow another American model by replacing their traditional business of lending money with such financial services as asset management. "Being good is not good enough in asset management," Giavazzi says. "A bank has to be the best to attract customers, and that requires technology and highly trained personnel, which all cost money...
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