Koen van Weel/AFP/Getty Images

Las prometedoras fusiones bancarias

BARCELONA – La banca atraviesa por tiempos difíciles. La combinación de tasas de interés persistentemente bajas, costos de cumplimiento en aumento y el surgimiento de nuevos competidores que ganan ventajas al hacer uso de tecnologías financieras (“fintech”, para abreviar) ha producido, en Europa en especial, un exceso de capacidad y baja rentabilidad – así como también una fuerte tentación que conduce a la fusión.

Dentro de un mercado difícil, las fusiones se constituyen en una decisión coherente – ya que permiten que los bancos reduzcan costos, compartan plataformas de tecnología de la información y aumenten su poder de mercado, y consecuentemente alivien la presión que se ejerce sobre sus márgenes de ganancia y, a por lo tanto, puedan reconstituir su capital. Y, por supuesto, los bancos sí  saben todo esto. Somos testigos de las recientes  conversaciones sobre una posible fusión entre el Deutsche Bank y el Commerzbank, ambos de los cuales se enfrentaron a enormes disminuciones en su capitalización de mercado.

Por lo tanto, puede que una ola de fusiones esté en camino. La pregunta es si este abordaje realmente puede resolver los problemas de los bancos y beneficiar a la sociedad.

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