post merger performance analysis of standard chartered bank pakistan

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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS

COPY RIGHT © 2012 Institute of Interdisciplinary Business Research 164

OCTOBER 2012

VOL 4, NO 6

POST MERGER PERFORMANCE ANALYSIS

OF STANDARD CHARTERED BANK PAKISTAN

ASMA ARSHAD

Management Studies

The University of Faisalabad, 4Km from Sargodha Road,

Faisalabad, Punjab. Pakistan.

MS Finance

ABSTRACT

The main intention behind this study is to analyze the post merger performance of the Standard Chartered bank. The

Union bank was acquired by Standard chartered bank in December 2006. Before merger Union Bank was the eighth

largest bank in Pakistan. After merger Standard chartered bank achieved awards. The main objective was to study

and review the existing system of merger and by accessing the gap was to suggest some measures to meet the gap.

For this quantitative and cross sectional study ratio analysis was conducted to analyze the performance of Standard

Chartered Bank. The total 11 ratios under efficiency ratios, liquidity ratios and capital ratios applied on key financial

figures to analyze the performance. Key figures were taken from standard chartered bank’s website. Data was taken

from 2004-06 before merger and 2007-09 after the merger. MS EXCEL 2007 was used to calculate and analyze the

ratios. After applying ratios, averages of all the ratio categories were taken. On account of that it came to know that

64% answer was in favor of Union bank before merger and 36% was in favor of after merger standard chartered

bank. The research resulted with unavailability of before merger and after merger financial statements, just focused

on merger effect with limited applicability of ratios. No study conducted on this bank ever before.

Key words: Merger, Performance, acquired, ratio analysis, financial figures, efficiency ratios, liquidity ratios and

capital ratios.

1. INTRODUCTION

1.1 THE HISTORY OF STANDARD CHARTERED BANK (PAKISTAN)

The first branch of Standard Chartered had been opened in Karachi in 1863. Today there are 176 branches across 41

cities. 2006 was the beginning year for the transformations of Standard Charterer’s operations in Pakistan. During

this year the Bank announced its acquisition of Union Bank that was the eighth largest banks in Pakistan with US$2

billion in assets, and about 400,000 customers. The acquisition was for US$ 487 million in December 2006. Bank

settled effectively cemented position as the largest and fasted growing international bank in Pakistan. In 2007 the

merged bank had 115 branches across 22 cities in Pakistan. A year later in mid of 2008, the bank had 176 branches

across 41 cities. After the acquisition of the Union Bank by Standard Chartered bank, many foreign banks reached to

Pakistan and acquired other small and medium sized banks or financial institutions to expand their network and

business in Pakistani market.

1.2 THE MERGER

In today’s large-scale economy, merger and acquisition are more and more used for improving the competitiveness

through large market share, lengthening the portfolio and to reduce the risk. It is so done to run the business on new

geographical areas at economies of scale. It is actually combining of two or more companies where one company’s

stockholders offer securities to the acquiring company. Thus merger is the fusion of two or more partners thus

creating a totally new business entity or continuing the operation of the partners “under the roof” of any one of them

(Wolff, 2008). In merger companies usually combine to share resources. In merger a new business works. A merger

occurs when two (or more) companies agree into merge in a new single company rather than remain separated for

creating business synergies (OECD Benchmark Definition of Foreign Direct investment, 2008).

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Merger is different form acquisition. In merger a new business creates where there is not any concept of

acquirer. There is the combine management system in new business. Moreover, both companies are of parallel size.

In merger both participants decide to establish and arrange the management. A merger exists when

Neither company is portrayed as the acquirer or the acquired.

Both parties participate in establishing the management structure of the combined business.

Both companies are sufficiently similar in size that one does not dominate other when combined.

All or most of the consideration involves a share swap rather than a cash payment, etc. (Glenlake &

Fitzroy, 2000)

1.3 IMPORTANCE OF STUDY

Merger enhances the value of business. On account of which owners’ good will increases with the increment in

profit through economies of scale and cost reduction etc. Motives behind merger are to increase revenue by

enhancing market share, cost reduction, economies of scale and economies of scope. As the size of bank increases,

efficiency also improves. In addition to economies of scale and diversification benefits, there are two other

economic motives of M&A; Horizontal integration and vertical integration (Gaughan, 2011). To employees, merger

provides a different and new culture to work. There employees can work in an advanced culture with some desired

change. The success of mergers and acquisition depends on a change in state of mind of the people (Sathe and

Davidson, 2000; Champy, 1995). Calomiris and Karceski (2000) and point out that efficiency gains can flow to bank

customers (Nikolaos & Ioanna, 2005).

1.4 OBJECTIVE OF THE STUDY

Main causes of merger in Pakistan according to banking system review are; Increase in Minimum Capital

Requirements, Restructuring of public sector and private entities, Appetite for Commercial Banking License,

Expansion & Growth (Malik, 2006). Main intention in doing this research is to;

Study the existing system of Merger.

Review idea system of Merger.

Access the gap between existing system and idea system of Merger in Standard Chartered Bank.

To suggest measures to reduce the gap in banks.

Evaluate the affect of the merger on post-profitability of standard chartered bank.

1.5 HYPOTHESIS

= Merger improves the performance of Standard Chartered Bank Pakistan.

= Merger does not improve performance of Standard Chartered Bank Pakistan.

2. REVIEW OF LITERATURE

Merger is the global business term used achieving the business growth and survival. Merger is different from

acquisition. Merger is the combination of two businesses that leads toward a new business, but acquisition is the

takeover or purchase of one business by other business. Merger is also helpful for businesses in terms of solvency.

Because when a business’ liabilities exceed to assets then mostly businesses adopt this process to abstain from

insolvency. There were limitations of resources. So following are the reviews according to access to different

articles. The process of mergers & consolidation in the banking system also extended hand to strengthen the

solvency of the banking system (Malik, 2006).

From banking system review it was also seen that merger of banks is adapted to increases the return on

capital, that further lead towards increment in equity. The recent trend of mergers and acquisitions of local banks by

the foreign banks is also intended to extend their outreach to maximize return on their capital (Malik, 2006).

Mergers and consolidation of the banking system further supported this increasing equity base (Malik, 2006). The

chances of uncertainty in operations increase due to new technologies, e- banking and more over mainly from

merger. No doubt that new technology and e- banking are the basic factors of operational risks, but banking mergers

are causing operational risk in a situation when there was no more idea about new banking workings and operations

while diversification is there. The contributory factors to enhanced operational risk exposure generally originate

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from new automated technologies, more complex products, e-banking and acquisitions/ mergers in the banking

system (Malik, 2006).

Little banks have to face problem of less capital. For running business they see for a partner so that that

person will be able in running business activities properly. So, to solve capital problem banks decide to go for

merger. So that business will not only be able to produce required capital but also will be in a position to introduce

new innovative facilities. Some of the banks that have less capital than the required level and/or are facing

difficulties in raising capital through equity injection or reinvestment of profits are opting for mergers to bring their

capital to the requisite level. (M. & MUSLEH-UD, 2006). Cost efficiency is obtained from merger. It may be raised

due to the fact that merged banks get entrance into cost reduction technologies or increase their fixed cost over a

bigger base, thus dropping average cost. The cost efficiency effects of merger and acquisition may depend on the

type of merger and acquisition, the motivation behind it and the manner in which the management implemented its

plans (Pardeep & Gian, 2010).

When in-market mergers take place then competition is reduced. In this case market power for survival of

the business is increased. On this basis business can earn more profit and offers high loan rates and lowering deposit

rates. That helps business in enhancing its good will. A related effect of in-market mergers is at the market share of

the surviving organization in these markets is raised (Pilloff & Santomero, 1996). Mostly banks do mergers to get

more return on assets, equity and for increment in profit. But different bodies of research examined the performance

effects of bank mergers and found no evidence of merger-related performance improvements as measured by ROA,

ROE or operating income profitability (Jens & Kevin, 2009).

When mergers take place some changes occur in the working and response of employees. If the resulted

response is positive then this leads towards efficiency of business and ultimately customers feel change. The cultural

change after the Merger and Acquisition is highly regarded as an important attribute for success (Rizwan, Majed,

Muhammad, & NUML, 2011). Mostly merging activities were performed by banks. And banks adopted merger in

that case when they require change means diversification, to enhance profitability or to decrease competition etc. In

financial systems mostly merger purposes were proved successful in achieving efficiency. Mergers and acquisitions

in the financial system could impact positively on the efficiency of most banks (Joshua, 2011).

Similarly potential efficiency gain after merger also meant that merging businesses were obtaining both

operating and managerial efficiency. It’s because when businesses merged they come with new objectives and with

some extra goals. To achieve their newly settled objectives management worked hardly and efficiently. The

potential efficiency benefits from mergers and acquisitions include both operating and managerial efficiency (Appah

& Sophia, 2011). With this some organizations proved more efficient, because they had eliminated personnel and

removed some facilities after merger. This is actually the downsizing and reduction in cost which ultimately had

provided resultant requirement. Larger institutions may be more efficient if redundant facilities and personnel are

eliminated within the post-merger organization (Elumilade & David, 2010).

Banks attained the performance improvement after merger on the basis of decrease in cost of production

and increase in production level. Scope of economies or changes in product mix are another potential way in which

mergers might help improve bank performance (Berger & Humphrey, 1994). Another source of cost efficiency

behind merger was that efficient banks acquires the inefficient banks and run their managing rules over the

inefficient. In this case all talents of superior management are spread over there with the help of different resources.

Thus efficient business gets required results. Cost efficiency could be considerably improved by a merger in which a

relatively efficient bank acquires a relatively inefficient bank and spread its superior management talent over more

resources (Akhavein, Berger, & Humphrey, 1996). Mergers cause the gains by proper allocation of resources

rather than by reducing the tax payments to capture the market. M&A as value creation, efficiency improvements as

explanations for synergies and produced evidence that suggests mergers generate gains by improving resource

allocation rather than by reducing tax payments of increasing the market power of the combined firm (Dr. & Vijay).

It was also seen that if the acquiring bank is more efficient than target then there would not b any improvement in

efficiency gain. If the acquiring bank is more efficient than its target, there are not efficiency gains from in market

mergers (Benjamin & David, 2001). In another place it was seen that bank mergers improve accounting profitability

ratios whereas, some researchers found no improvement in these ratios (Milbourn, Boot, & Thakor, 1996).

Merger and acquisition is adopted to attain the operating and financial efficiencies. According to the

efficiency theory, the main motive of mergers and acquisition is to gain operating and financial synergy (Sufian,

Fadzlan, Abdul, Muhamed, Haron, & Razali, 2007). Most of the places it was seen that merger is mostly used to

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reduce the cost and proper management which will ultimately lead to wards efficiency. Mergers between entities are

often motivated with arguments on cost reduction, input savings, better management and therefore efficiency

enhancement (Gjirja, 2003). On another side it was seen that horizontal mergers mostly cause the efficiency. The

mergers selected were generally large horizontal mergers that are thought to be the kind of merger most likely to

yield efficiency gains (Rhoades, 1997).

3. RESEARCH DESIGN

This quantitative and cross sectional study was conducted for hypothesis testing of merger improves the profitability

of standard chartered bank. In this longitudinal study data was collected with minimal interference.

3.1 DATA COLLECTION

Data for the study was collected from Standard Chartered bank’s web site. For the financial analysis of standard

chartered bank, key financial data were taken from website of standard chartered bank (Pakistan) from 2006 to 2009.

Key financial data were taken because of the absence of financial statements of bank before merger. Owing to which

a specific number of ratios are applied for analysis.

3.2 DATA ANALYSIS

Merger in banking side is becoming more important. In banks, merger is adopted to gain the market share and to get

the economies of scale with cost efficiency. Mergers and acquisitions not only improve the bank profit but also

improve the economy and society situation. To analyze the profit situation of standard chartered bank before and

after merger ratio analysis was conducted as per guidance of Statistics and DWH department of State Bank of

Pakistan that is available on State Bank’s website named as “Financial Statement Analysis of Financial Sector 2007-

2011. Total ten ratios were applied and for computation of ratios MS Excel 2007 was used.

3.2.1 FINANCIAL RATIOS

Financial ratios are the analytical tool used to analyze the financial performance and situation of the business at

specified time. Ratios are actually used to determine the trends within the industry that ultimately helps a business in

improving its activities. This analytical tool helps the financial analyst in taking the decisions regarding

profitability/efficiency, liquidity, leverage and financial structure etc. In this study following financial ratios are used

to analyze the performance of standard chartered bank:

Liquidity Ratios:

It is used to determine the ability of a business to pay its short term debts. Higher the answer of the ratio larger will

be the safety. It describes that is the business has going concern ability. It includes the Investment to total assets,

Advances and total assets and liabilities to total assets.

Efficiency/Profitability Ratios:

It is used to measure management’s ability to manage expenses and to earn revenue from business activities. Higher

value of this ratio indicates that company is going well. It includes non-interest income to total assets ratio, Return

on assets, return on equity and return on sales ratios.

Capital/Leverage Ratios:

It is used to determine the company’s ability to meet its long term debt. Higher the ratio more solvent and risky the

company is, that shows company has more debt than equity. It includes capital ratio, deposit to equity ratio and debt

to equity ratio.

3.3 LIMITATIONS

In this study:

Only mergers’ affect was seen on standard charted bank.

There is not any consideration on diversification affects of merger.

This study does not include any other cooperate sector of the economy.

Limited ratios are applied.

Unavailability of financial statements before merger of bank.

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4. RESULTS AND DISSCUSSIONS

With the help of key financial data available on the web site of Standard Chartered Bank Pakistan six years

accounting ratios have been calculated as per formulae before merger “Union Bank” and after merger “Standard

Chartered Bank”. These accounting ratios include profitability/efficiency ratios, liquidity ratios and capital/Leverage

ratios. In the following table the averages of the ratios were taken before and after the merger. So that there will be

more ease in describing financial health of these two banks.

4.1 EFFICIENCY/PROFITABILITY RATIOS

The table 4.1 shows the average values of the efficiency/ profitability ratios of Standard Chartered Bank before and

after merger to determine the position of bank. This table includes the 5 ratios which are; Non-interest income to

total assets ratios, ROA, ROE, Return on sales and Du Pont return on assets ratios.

4.2 LIQUIDITY RATIOS

After efficiency/profitability ratios’ comparison Liquidity ratios are also important for financial analysis. Table 4.2

is the averages of liquidity ratios of standard chartered bank before and after merger. This table is consisted on 3

ratios that are; Investment to total assets, Advances to total assets and Total liabilities to total assets ratios.

4.3 CAPITAL/LEVERAGE RATIOS

The table 4.3 describes the averages of Capital/Leverage ratios of standard chartered bank before and after merger.

That comprises Capital ratios, Deposit to equity ratios and Debt to equity ratios.

4.4 ALL RATIOS’COMPARISON

Now the comparison is done among the above three categories of ratios to see that how many ratios are in favor of

before merger union bank and after merger standard chartered bank which is represented in table 4.4. So that there

will be the more possibility to determine the performance of bank after merger on overall basis.

Thus hypothesis is rejected. From the ratio analysis it has been proved that Standard Chartered Bank’s merger

proves to be failure.

4.5 DISCUSSIONS

In a study it is also shown that Royal Bank of Scotland (RBS) proves to be failure in banking history. In

this RBS study author also has adopted the same way of finding results by applying 20 financial ratios, to analyze

the profitability or Royal Bank of Scotland. And concluded that merger does not improve the profitability (Kemal,

2011). In another study the empirical results also shows that there is not statistically significant gain in value or

performance from merger activity (Pilloff & Santomero, 1996).

Furthermore, in another study it is also seen that target merged banks are smaller, less profitable, less cost

efficient and riskier than non-merging banks in case of Germany (Andreas Behr, 2002). In another study it is found

that Merger between unhappy and strong banks did not give up any significant efficiency gains to participated banks

(Pardeep & Gian, 2010).

5. CONCLUSION

Merger is becoming more important in financial sectors. It is adopted when one company gets unable in meeting its

expenses and to reduce cost. It is mostly adopted to earn more profit by economies of scale, to capture market

effectively and efficiently than competitors through competitive edge. The merger and acquisition is opted to change

the structure of business to secure from risks and to be a sound business in market. In financial sectors investment

has the most importance and to analyze the position of a business ratio analysis is used. Which is analytical tool used

to present a clear picture of a business in all areas of business.

In this study post merger performance analysis of standard Chartered Bank Pakistan was discussed. In this

study it was seen that before merger union bank was the eighth largest bank in Pakistan, has improved its

performance after merger being a standard chartered bank Pakistan. For this purpose a hypothesis was developed

which is “Merger improves the profitability of bank”. In this regard key financial data was taken from the website of

standard chartered bank because financial statements before merger were unavailable.

Key financial data was taken from 2006-09. Data was analyzed by applying the accounting ratios with the

usage of MS EXCEL 2007. The ratios are the analytical tool used to check the financial performance of businesses.

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Total 11 ratios are applied which are liquidity ratios, efficiency/profitability ratios and capital/leverage ratios. This

analysis was taken as per guidance of “Financial Statement Analysis of Financial companies” issued by state bank of

Pakistan. After concluding the results it was find out from average of efficiency/ profitability ratios that out of 5, 4

ratios were in favor of union bank before merger and only 1 was in favor of standard chartered bank of Pakistan

after merger. Then from the average of liquidity ratios it was seen that out of 3 there were 2 ratios in favor of Union

bank before merger and only 1 ratio was in favor of standard chartered bank. After that from the average of

capital/leverage ratios it was seen that out of 3 ratios, 2 ratios were in favor Standard chartered bank and 1 was in

favor of the Union Bank before merger. Then all ratios comparison were analyzed and found that out of 11, 7ratios

were in favor of Union bank and only 4 were in favor of standard chartered bank after merger. Which shows that

Union bank before merger was 64% and after merger it reached up to 36%.

With this analysis it was proved that merger does not improve the performance after merger. Thus

hypothesis was rejected. So according to study findings Union bank before merger was in better position than

after merger.

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Annexure

Above table reveals that union bank before merger was in better position as the 4 out of 5 ratios are in favor of

Union bank and there is 1 ratio in favor of standard chartered bank after merger. It means that Union bank before

merger was in better position to manage the expense for the purpose of earning profit and to reduce the cost.

From the table it is clear that before merger union bank was better than after merger Standard chartered bank. It is

said because out of 3 ratios, 2 ratios are in favor of union bank before merger. It means that Union bank was in

better position to pay its short term debts than after merger standard chartered bank.

TABLE 4.1 EFFICIENCY/PROFITABILITY RATIO COMPARISON

Efficiency/Profitability Ratios

Before

Merger

Union Bank

Averages

2004-06

After Merger

Standard

Chartered Bank

Averages 2007-09

Union Bank

Status

Standard

Chartered

Bank

Status

Non-Interest Income to Total Assets

Ratio 1.96% 2.36% Better

Return on Assets (ROA) 2.86% 0.51% Better

Return on Equity (ROE) 32.60% 3.10% Better

Return on sales 47.15% 6.01% Better

Du Pont return on assets 32.60% 3.10% Better

TABLE 4.2 LIQUIDITY RATIOS

Liquidity Ratios

Before Merger

Union Bank

Averages 2004-

06

After Merger

Standard Chartered

Bank Averages 2007-

09

Union Bank

Status

Standard

Charterd

Bank

Status

Investment and Total

Assets 16.89% 17.96% Better

Advances and Total Assets 50.59% 44.67% Better

Total Liabilities to Total

Assets 89.57% 83.91% Better

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TABLE 4.3 CAPITAL/LEVERAGE RATIOS

Capital/Leverage Ratios

Before Merger

Union Bank

Averages 2004-

06

After Merger

Standard Chartered

Bank Averages 2007-

09

Union Bank

Status

Standard

Chartered

Bank

Status

Capital Ratio 10.43% 16.09% Better

Deposit to Equity Ratio

(Times) 8.25 4.18 Better

Debt to Equity Ratio (Times) 9.96 5.23 Better

Above table depicts that Standard Chartered Bank after merger is better in status as 2 ratios out of 3 ratios are in

favor of Standard Chartered Bank and there is only 1 ratio in favor of Union bank before merger. This shows that

Standard Chartered Bank Pakistan has more ability to pay its long term debts. Standard Chartered Bank Pakistan has

also achieved the Best Debt House award in 2011 which depicts that bank has more ability not only to meet its on

debt but also in providing debts to others.

TABLE 4.4 TOTAL RATIOS COMPARISON

GROUP OF RATIOS

Total No. of ratios

Calculated

No. Of favorable

Ratios Before Merger

No. Of favorable

Ratios After Merger

Efficiency/Profitability Ratios 5 4 1

Liquidity Ratios 3 2 1

Capital/Leverage Ratios 3 1 2

TOAL 11 7 4

This table depicts that out of 11 ratios it is clear that 7 ratios (64%) are in favor of before merger Union bank and 4

ratios (36%) are in favor of after merger Standard Chartered bank. This shows that merger has not improved the

performance of Standard Chartered Bank.

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