從花旗收購僑銀之案例探討併購案的動機與過程

Abstract

上個世紀末，全球吹起了一陣併購風潮，金融業更是如此。這些經過合併後的跨國性金融集團挾其龐大的資源與完整的金融服務向各國撲天蓋地而來，台灣自然無法倖免於外。但台灣本國金融業卻在島內惡鬥內耗，導致競爭力嚴重衰落。2004年政府提出二次金改，希望能藉由金融機構的整併來提升整體競爭力，卻也因執行上的缺失致使弊案重重。就在此時花旗銀行宣布收購華僑銀行，這兩家差異頗大的銀行能夠在業務上互補，一旦整併成功將可能造成改寫台灣金融業版圖。花旗銀行如何在策略佈局上選擇了華僑銀行，在過程中又有什麼值得借鏡的地方？本文先從併購案目標的產業及公司做一分析描述，再從併購案的動機出發，在合作方式、過程及併購價格等非財務性因素上，找出關鍵因子，整合片斷的資訊，理出完整的脈絡，以瞭解整件併購案的全貌，並分析花旗在併購過程決策的合理性。最後除了檢視本個案對台灣金融業的影響外，也希望對於將來有意進行併購的企業，能夠提供一個依循的方向，把握住萬變不離其宗的大原則，再針對產業及公司特色修正一些細節，以減少併購過程中可能會犯下的錯誤。

At the end of last century, the frenzy of M&A was growing around the world, especially in financial industry. After acquiring, these large, global financial groups expanded over the world with great resources and integrated financial service, of course including Taiwan. However, the financial companies and banks still fought with each other in this small island, and Taiwan’s financial competitiveness declined seriously. In 2004, the Taiwan government carried out the second financial reform and hoped to improve the competitiveness by integrating the financial institutions. But the bad execution caused lots of the heavy scandals. At this time Citibank decided to merge BOOC. These two different banks which have much complementary business may change the balance of Taiwan’s financial industry if they successfully integrate. Why did Citibank choose BOOC in her strategic arrangement? What can we learn from this M&A case? In this study the industry and the target company would be described and analyzed first. Then start with the motivation, this study would be analyzed by some key facts of the cooperating ways, M&A process, and the target valuation. According to this analysis with combination of the pieces of the information, we can see the whole picture of this M&A case and know that the rationality of the decision that Citibank made. Finally, besides inspecting the impact of this case on Taiwan’s financial industry, we also hope that if there’s any enterprise which intends to merge in the future, this study would show the way how it could be done. Hold the key principles and revise the details to the industry and company characteristic a little more, the mistakes from the M&A could be reduced.