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Macro-financial Regulation of Banking M&A as a Contributor to Global Financial Stability
The M&A processes as a primary path to inorganic growth do strengthen the stress resilience of banks and banking sectors at large. At the same time, the exposure of banking M&A to global financial markets volatility, interconnectedness of financial institutions, and uncertainty of the world economy exacerbates the risks of banking consolidations. Besides, the post-crisis international banking regulation reform (Basel III) still leaves open the questions of minimization of risk-taking during the M&A processes, which remains one of the least addressed aspect of financial intermediation, owing to which a number of M&A deals lack synergetic effect and fail. In this regard, Dr Dzhagityan proposes a concept of regulation of banking M&A (‘mergulation’) to be based on microprudential standards coupled with the risk-centered mechanism for supervision of the M&A deals aiming at early identification and proactive management of systemic risks, as well as cost optimization. This will help to rise the post-M&A synergy and decrease the number of unsuccessful M&A deals. Otherwise, the multifaceted origins of systemic risks and the lack of reliable instruments for their minimization will further diminish opportunities and potential of banks during the M&A deal making and the perspectives of their growth afterwards. Without doubt, the efficacy of the international banking regulation policy will largely depend on the extent to which mergulation will become a critical domain of the contemporary banking regulation and its risk-centered platform, as well as on the extent to which it will ensure and promote the continuum of financial intermediation during and after the completion of the banking M&A deals.
Financial Stability Needs Macro-Financial Regulation of Banking M&A