Estratégia de fusão e aquisição bancária no Brasil: evidências empíricas sobre retornos

Abstract

In the years subsequent to the implementation and consolidation of Plano Real, the financial institutions operating in the Brazilian market underwent a substantial process of adjustments. As a result, there was a significant reduction in the number of players and several banks either liquidated or transferred their stock control through processes of mergers and acquisitions (M&A). This change, which was caused by a competitive scenario, had both technological development and regulatory environment as its allies. This paper analyzes the impact of the M&A in the returns undertaken in the sphere of the private Brazilian banks that have acquired national and foreign control. Specifically, this work investigates the impact these processes caused on the Return on Equity (ROE) and in the Return on the Assets (ROA) of the acquiring banks. The methodology applied to this work involved an empirical and analytical research and the database used ranked the 50 largest banks by assets in Brazil as published by BACEN in the period between 2000 and 2004. The sample considered in this work only includes the banks that possessed data in all of the researched years. The results evidence that M&A processes had no impact on the acquiring banks ‘ returns with regard to both assets and equity (ROA and ROE, respectively). The Neoclassical Theory of the Maximization of the Profits of the Firm, which establishes that M&A processes are motivated by the maximization of the acquiring banks’ returns, was not confirmed in this study.