Bank Mergers: Lessons for the Future by Steven I. Davis (auth.)

By Steven I. Davis (auth.)

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Among the most comprehensive is Chase's MOM (Merger Overview Model), which for the Chemical/Chase fusion had 56 different integration plans, 3,308 major milestones, 13,000 tasks and 3,820 interdependencies. 2 Sample integration planning structure Decision-making body Sets overall direction/tone Guides effort/resolves conflict Review/approves implementation plans Monitors overall progress Includes senior executives from both institutions, chaired by new CEO Design and manage the process Resolve policy issues and arbitrate differences Ensure high performance aspirations and quality control Ensure quick wins and nearterm opportunities are captured Develop cross-enterprise plans and integrative issues Integration steering committee Merger office including integration manager BU/functional integration Team A Team B Team C Team D Cross-functional taskforces Develop team charter and end-state blueprints Develop detailed execution plan Conduct integration with assistance of other teams/CMO Includes team leader and staff from both companies Source: McKinsey & Company.

First, many mergers are consummated with a considerable degree of reluctance on the part of one of the banks whose management recognises that market forces oblige them to do a deal and that their choice may be limited to which partner they can select. The apocryphal telephone call made by an institutional investor, Michael Price, to the CEO of the old Chase Manhattan suggesting a merger with the stronger Chemical Bank, is one indication of the pressure which can be applied by determined institutional investors.

We signed the letter of intent in March, 1997, had virtually all the top management named by September, and concluded the transaction in October. `The first hundred days' is a phrase we heard frequently from both consultants and senior bankers. Within that period, hopefully all key decisions should be made: the type of bank to be created, the strategies needed to achieve that strategic goal, the cultural profile of the new bank, the organisational structure and key people to run it, the issues which are likely to be encountered, and the major operational decisions to be made.

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