Consolidation and Convergence in the Financial Services Industry Nov 00

Standard & Poors, November 2000

Abstract
CreditWeek recently talked with Clifford Griep, executive managing director of Standard & Poor's Financial Services Ratings. He provided his perspective on consolidation and convergence in the financial services industry, and the resultant changes that are shaping this corporate sector. Mr. Griep: There are a host of reasons, ranging from offensive strategies to defensive ones, from the well thought out to copycat strategies. The development of securities markets, occurring in spurts around the world, has traditionally disintermediated banks when they lacked either the skill set or the legal power to adapt to new roles as intermediators of investable funds. In this context, mergers have represented defensive strategies aimed at achieving economies of scale, or to wring overcapacity out of the industry....

Companies mentioned in this report are:
- Austria (Republic of)
- Wells Fargo & Co.
- Japan (Unsolicited Ratings)
- Money Store L.L.C. (The)
- Banco Santander S.A.
- Banco Bilbao Vizcaya Argentaria S.A.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Austria (Republic of)
- Wells Fargo & Co.
- Japan (Unsolicited Ratings)
- Money Store L.L.C. (The)
- Banco Santander S.A.
- Banco Bilbao Vizcaya Argentaria S.A.

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