MAs in the financial industry A matter of concern for bank supervisors外文原文.pdf

Journa l of Financia l Regulatio n an d Complianc e Volum e 9 Numbe r 3 MAs in the financial industry : A matter of concern for bank supervisors? Michae l Wolgas t Received: 23rd April, 2001 Leiter der Abteilung Volkswirtschaft, Gersamtverband der Deutschen Versicherungswirtschaft, Friedrichstr. 191, 10117 Berlin , Germany; tel : +4 9 (30) 2020 5130; fax: +49 (30) 2020 6606; e-mail: m.wolgast@ Dr Michael Wolgast worked as senior the headlines . Th e bulk of th e MA activ - economist at Deutsche Bank Research in ity still consists o f domestic mergers , invol - Frankfurt. Since 1st July 2001, he has been ving firms competing in the same segment chief economist and head of the econom- of the financial services industry (mainly ics department at the German Insurance banks) . Along with a sharp increase in the Association ( Gesamtverband de r Deut- average size of single transactions , th e share schen Versicherungswirtschaft (GDV),) in of cross-border MA s has, however , risen Berlin. Before taking up his current posi- significantly (see Figure 4) . Also, th e crea- tion, he worked as an economist for the tion of financial conglomerate s — ie o f Federal Ministry of Economic Affairs in groups operating in mor e than on e sector Bonn and for the German Savings Banks of the financial industry — is constituting Association.