XX年富国银行收购美联银行案例分析.doc

XX年富国银行收购美联银行案例分析 富国银行对美联银行并购分析 摘 要：国际金融机构基于自身的发展战略考虑，往往会借助并购方式实现这些战略目标，而富国银行具有丰富并购经验，并借助并购成功地实现了自身的快速发展。因此，本文从并购动机，基于主成分分析法的并购绩效评估方面对起最近的收购即xx年并购美联银行进行分析。最后给出借鉴意义和启示，即跨国银行机构应基于自身实际情况选择并购时机，并且在选择对象上实现强强联合。 关键词：富国银行；美联银行；并购；并购动机；主成分分析；并购绩效评估 一、引言 国际金融机构基于自身的发展战略考虑，如扩大业务范围，配合重大战略转移，加快国际化进程等，往往会借助并购方式实现这些战略目标。并购是否成功的关键在于并购方自身是否具有丰富的并购经验.是否选择了正确的并购时机，是否能够结合自身实际情况实施针对性的并购 。本文以富国银行收购美联银行为研究对象，是考虑到并购活动在富国银行的发展过程中起到了举足轻重的作用，该行的经营并没有像其他机构那样因为并购而出现长期亏损的负面影响.特别是在美国金融危机中富国银行并购的卓越表现赢得了市场认可。 美国富国银行从xx年7月12日起超过中国工行银行成为全球市值最大银行。美国富国银行从xx年7月12日起超过中国工行 富国银行创立于1852年，是加利福尼亚历史最悠久的银行。通过收购当地银行和美国西部地区银行，富国银行稳步发展。然而，1995年，该行却紧缩规模，只在加利福尼亚开业。富国银行因其优异的业绩闻名遐迩， 19951996年，这家超级地区零售银行开始起步启动增长。 富国银行收购了加利福尼亚的竞争对手，第一洲际银行集团。 1997年，富国银行的收益为67亿美元，资产为975亿美元。1998年6月，富国宣布与NORWEST进行340亿美元的等量合并，组成美国第七大银行，资产达1910亿美元，又一次将银行原有资产翻了一番。 富国银行是一家提供全能服务的银行，业务范围包括社区银行、投资和保险、抵押贷款、专门借款、公司贷款、个人贷款和房地产贷款等。富国银行存款的市场份额在美国的17个州都名列前茅，是美国第一的抵押贷款发放者，第一的小企业贷款发放者，拥有全美第一的网上银行服务体系。是美国唯一一家被穆迪评级机构评为AAA级别的银行。可以不夸张地说，富国银行是美国最好的银行。从1852年起，富国银行已经成为美国西部信贷服务的标志性企业之一。 xx年至xx年三年，富国银行完成了对美联银行(Wachovia)的收购。在这之前富国银行从xx年到xx年的每股收益分别如下：102，162，I85。207，227，249，238(美元)。通过计算可知，富国银行每年以154的年组合比率增长。盈利能力强，保持一贯性，并呈上升的趋势。从xx年到xx年，富国银行的股本回报率分别如下：1279，1866，1936，1956，1957，1952，1712。这七年的平均股本回报率为l 808。远高于美国公司的平均股本回报率12。 批准美联银行收购业务的同时，在泡沫时期富国银行也否决了很多其他业务。从xx年到xx年，富国银行不断抛出高风险的次级贷款，结果其市场占有率从11.9%下降到了10.2%。xx年，首席风险执行官迈克尔-鲁格林和掌管260亿美元自动贷款项目的主管发生了争执，后者认为垃圾级别的审核标准是可以接受的。鲁格林将这个事拿到了董事会上讨论，最后他成功了，整个自动贷款项目都被取消了。鲁格林说：“富国银行有三个工作：照顾好现有的客户，吸引新客户，最后控制他们的风险。我们不谈盈利或者市场份额。”他没有明说的是牺牲短期的市场份额换取长期的利益。现在富国银行在抵押贷款业的市场份额是26%，它的丧失抵押品赎回权率和拖欠率为7.6%，而花旗银行是8.3%，摩根大通是11.5%，美洲银行则为13.5%。 当然这不意味着他们不存在其他银行出现的问题。富国银行仍有 1120亿美元的坏账及拖欠账款。它也是五个被国家50位司法检察官调查的银行之一，他们涉嫌滥用丧失抵押品赎回权条款，特别是“机器签字”。而且房地美和房利美也要求富国银行和其他银行回购他们认为不再安全的抵押担保债券，同样太平洋投资管理公司和黑石集团也要求富国银行确保190亿美元抵押担保债券的质量。 虽然市场仍然认为富国银行的状况良好，但不可否认的是，富国在当时确实面临一定的危机。 富国银行xx年报：董事长致股东函(xx-11-25 18:34:07) 标签： 分类： 投资 股票 New opportunities. Unchanging vision. 新的机会，不变的愿景 The reason we wake up in the morning is to help our customers sueed financially and to satisfy all their financial needs. The result is we make money because of our focus on serving customers, not the other way around. This time-tested vision will forever be what matters to Wells Fargo. Well never put the stage coach ahead of the horses. John G. Stumpf, Chairman, President and Chief Executive Officer “我们在早晨醒来的理由是为了帮助我们的客户获得财务成功以及满足他们的金融需求。在此愿景下，我们赚钱是因为我们专注于服务客户，而不是别的什么原因。对富国来说，这个经过时间考验的愿景永远都是最重要的。我们永远不会把马车放到马的前面。” 主席、总裁和首席执行官约翰.G.斯坦普夫 To our owners, Our more than 270,000 talented team members whom we believe to be the best team in the business pulled together for our customers as never before in xx. They were guided, as always, by our unchanging vision: to satisfy all our customers financial needs and help them sueed financially. They were guided by our values, and what we stand for: honoring and supporting our people, striving for the highest ethical standards, doing whats right for our customers, learning from diversity, and calling on everyone to be leaders. 致我们的所有者： 我们超过27万的有才干的团队成员我们相信他们是这个行业里最棒的团队齐心协力地服务客户，前所未有。他们一如既往地遵循着不变的愿景指导：满足我们所有客户的金融需求，帮助他们取得财务成功。他们按照富国坚持的价值观行事：尊敬并支持我们的人民，为达至最高道德标准而努力，为客户做正确的事，从多样性中学习，呼吁大家争当领先者。 Outstanding results 出色的成果 The results were outstanding. Wells Fargo achieved record ine for the third consecutive year, up 28 percent to $15.9 billion. Diluted earnings per mon share rose 28 percent to $2.82. Our customers entrusted us with even more of their business. Total deposits grew 9 percent to $920.1 billion. Total loans grew 2 percent to $769.6 billion. Many of our businesses had double-digit revenue growth. As a result of our performance, we were rewarded with a higher value in the market. We were ranked No. 1 in the U.S. banking industry in total market value of our pany, even though were the fourth largest by assets. 经营成果相当出色。富国的净利润（ ine）连续三年创造记录，今年增长28%至159亿美元。摊薄后每股收益提升28%至2.82美元。总存款增长9%至9201亿美元。总贷款增长2%至7696亿美元。我们很多业务都获得了两位数的收益增长率。作为绩效的一个结果，我们在市场上赢得了较高价值的回报。在全美银行业中，我们的公司市场价值排名第一，尽管按资产排名我们是第四。 Our team achieved all this while suessfully executing the largest, most plex bank merger in our nations history. We began our integration with Wachovia at the beginning of xx. We pleted it on schedule and under budget early in the first quarter of xx. All of our more than 6,200 retail banking stores are now on one system so our customers can do their banking business when, where, and how they want to do it, coast to coast. Your hometown Wells Fargo bank is wherever you happen to be. 我们的团队在取得这些业绩的同时，还运作了我们国家历史上最大、最复杂的银行兼并。xx年初我们开始与美联银行（Wachovia，瓦乔维亚银行）实行一体化（知远察微注：富国在xx年10月以154亿美元全盘收购美联银行。富国银行的出价为每股7美元，较美联银行当时收盘价高出79%）。在xx年一季度前我们按日程安排在预算约束下完成了此项工作。我们全部的超过6200个零售银行商店现在都处于同一系统中运行，因此我们的客户可以随时随地以他们想要的方式办理银行业务，从大西洋海岸至太平洋海岸都可以。无论你走到哪里，富国就是你的家园。 Guided by our time-tested Vision & Values, we also have more opportunities than ever before to serve our customers and munities, and help our country grow. Were fortunate to have the most extensive U.S. financial services store work. Were in more munities and closer to more customers than anyone else. We serve one of every three U.S. households. We originate one of every four home mortgages. We service more home loans than anyone else. Were the nations No. 1 small business lender in dollars and the No. 1 middle-market mercial lender. Were first or second in home loans, car loans, student loans, and business loans. 在我们的经受了时间试金石测试的愿景和价值观指引之下，我们比以前有更多机会来服务我们的客户和社区，帮助我们的国家成长。我们幸运地拥有美国数量最庞大的金融服务网点（这点和中国工商银行倒是挺相像的）。我们比别人分布在更多的社区，比别人拥有更多的客户，也更贴近客户。每三个美国家庭当中，我们就为其中的一个服务。每四笔家庭抵押贷款中，就有一笔是我们发放的。我们比别人提供更多的家庭贷款服务。我们是美国小企业美元放贷的老大，是中级市场商业放贷的老大。在家庭贷款、汽车贷款、学生贷款和生意贷款方面，我们是第一或第二。 Betting on America 押注美国 Wells Fargo employs one of every 500 working adults in America, making us the nations 12th largest private employer. Chances are you know someone who works for Wells Fargo, or someone who knows someone who does. Thirty-seven percent of our team is racially and ethnically diverse. This is slightly more than the U.S. population, which is 36 percent diverse. This diversity should enable us to better understand and respond to the financial needs of our customers and munities. 美国每500个有工作的成年人就有一个受雇于富国，这使我们成为全国第12个最大的私人雇主。机会在于你认识某个富国职员，或认识某个认识富国职员的人。我们团队占37%比例是不同人种和种族，略高于美国总人口中的同类比例（36%）。这种多样性使我们能较好理解我们客户和社区的金融需求并作出响应。 Our reach is global, but at our heart were a hometown American pany. Niy seven percent of our assets and 98 percent of our team members are based in the U.S. This makes us different from our large peers. Our roots are American roots, and weve grown as theyve spread wide and deep in American soil. Since 1852, weve been betting on America. We liked our bet then, and we like it even more now. Were confident in the ingenuity, resourcefulness, work ethic, and can-do attitude of Americans and our Wells Fargo team. Together, were focused on the tremendous opportunities we now have ahead of us and on the responsibilities we have to help our customers, munities, and country sueed. 我们业务所及是全球性的，但在我们心里我们是一家美国本乡本土的公司。我们资产的97%和我们团队成员的98%都扎根在美国。这是我们和大多数同行不一样的地方。我们的根是美国的根，我们的成长伴随着我们的根在美国土壤里向宽深处蔓延。从1852年开始我们就一直把赌注押在美国身上。那时我们喜爱我们的赌注，现在我们的喜爱尤甚。我们对美国人以及富国团队的独创性、智谋、职业道德和“我能行”的态度充满信心。我们专注于横陈于前的巨大机会，专注于担负为我们的客户、社区和国家取得成功而提供帮助的责任，我们能将两者很好地结合起来。 Were focused on providing you, our shareholders, with sustainable, long-term suess. We returned more capital to shareholders in xx by increasing our quarterly mon stock dividend by 140 percent, to 48 cents for the year. We also resumed there purchase of our mon stock. 我们专注于给您我们的股东提供可持续的长期成功。xx年我们回馈给股东更多的资本回报，按季度计的普通股股息增加140%，全年达到48美分。我们还重新开始回购股票。 Earning trust 赢得信赖 The U.S. economys recovery remained sluggish and continued to deliver disappointing results. Millions of Americans struggled with unemployment and under employment despite slight improvements in the job market. The lack of jobs led to a decline in first-time home sales, even with historic low interest rates and bargain-basement prices. A stagnant housing market placed a drag on the economy. 美国经济复苏仍然缓慢，持续传递出令人失望的结果。数以百万计的美国人挣扎在失业和低水平就业的状况中，尽管就业市场有了轻微的好转。工作岗位缺乏，导致一手住宅销售下滑，甚至还伴随着历史最低利率和消费品低价。不景气的房产市场拖累了经济。 Consumers spent less and paid down their debt, including mortgages, credit cards, and auto loans. This made sense for consumers who wanted to regain control of their financial situation, but less spending didnt help the recovery. By years end, credit balances and spending began trending upward again, but balances were often paid in full each month. Consumers were not alone. Businesses also faced significant obstacles. Our quarterly surveys of small business owners showed their deep concerns about economic and credit market outlooks, along with pending regulatory reforms, and their potential effect on sales and operating costs. 消费者花钱少了，包括按揭、信用卡和汽车贷款在内的债务支付下降。对于想保持财务控制的消费者来说这是有道理的，但减少消费却无助于复苏。年底的信贷平衡和消费开始呈现上行趋势，但每个月的差额通常都要全数支付。消费者不是孤独的。企业也面临着巨大的障碍。我们的小企业主季度调查显示，小企业主深 度关注经济和信贷前景，同时关注悬而未决的监管改革、以及他们的潜在销售效果和运营成本。 Many Americans remained frustrated with the slow, uneven economic recovery and the lack of job opportunities. As a result, they have lost faith in many large panies and institutions. We understand their concerns. Were listening to our customers every day and helping them address their financial needs in any way we can. Were contributing to munities across the country, helping them find local solutions for local problems. Were also at the table in Washington, D.C., discussing the merits of proposed reforms for the financial services industry. We want to be a partner for thoughtful change, and we share our governments desire to do whats right for consumers and businesses. We dont take trust for granted. We know we have to earn it every day in our conversations and actions with our customers. Heres how we try to do that. 我们不认为信任是理所当然的。我们知道，我们必须靠每天和客户的谈话以及为客户办事赢取信任。下面说说我们是怎样