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The Greek Bank-Insurance Model: A Look At A Not-So-New Corporate Structure

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  • Andreas Merikas
  • Sotiris K. Staikouras
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    Abstract

    One of the notable characteristics of modern financial markets is the convergence among financial institutions, which until recently preformed different tasks. To this end, the present study explores the bank-insurance phenomenon in the Greek market. It focuses on the development of financial conglomerates in the region, while arguing that the phenomenon is not as new as one would expect. A variant of the bank-insurance approach to financial services seems to have dominated the Greek market for over a century. An analysis of recent developments is also presented, with the evidence indicating a trend towards multi-venture partnerships as well as active involvement of multinational enterprises.

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    File URL: http://www.ersj.eu/repec/ers/papers/08_3_p2.pdf
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    Bibliographic Info

    Article provided by European Research Studies Journal in its journal European Research Studies Journal.

    Volume (Year): XI (2008)
    Issue (Month): 3 ()
    Pages: 25-34

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    Handle: RePEc:ers:journl:v:xi:y:2008:i:3:p:25-34

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    Web page: http://www.ersj.eu/

    Related research

    Keywords: Bank-insurance model; Greek economy; Financial conglomerates;

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    References

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    1. Panayiotis G. Artikis & Stanley Mutenga & Sotiris K. Staikouras, 2008. "A practical approach to blend insurance in the banking network," Journal of Risk Finance, Emerald Group Publishing, vol. 9(2), pages 106-124, March.
    2. Kane, Edward J, 1988. "Interaction of Financial and Regulatory Innovation," American Economic Review, American Economic Association, vol. 78(2), pages 328-34, May.
    3. Carow, Kenneth A. & Heron, Randall A., 2002. "Capital market reactions to the passage of the Financial Services Modernization Act of 1999," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(3), pages 465-485.
    4. Saunders, Anthony & Walter, Ingo, 1994. "Universal Banking in the United States: What Could We Gain? What Could We Lose?," OUP Catalogue, Oxford University Press, number 9780195080698.
    5. Lutgart Van den Berghe & Kurt Verweire, 2001. "Convergence in the Financial Services Industry*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 26(2), pages 173-183, April.
    6. Kenneth A. Carow & Edward J. Kane, 2001. "Event-Study Evidence of the Value of Relaxing Longstanding Regulatory Restraints on Banks, 1970-2000," NBER Working Papers 8594, National Bureau of Economic Research, Inc.
    7. Santomero, Anthony M., 1989. "The changing structure of financial institutions: a review essay," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 321-328, September.
    8. Saunders, Anthony, 1994. "Banking and commerce: An overview of the public policy issues," Journal of Banking & Finance, Elsevier, vol. 18(2), pages 231-254, January.
    9. Saunders, Anthony, 1999. "Consolidation and universal banking," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 693-695, February.
    10. Vander Vennet, Rudi, 2002. "Cost and Profit Efficiency of Financial Conglomerates and Universal Banks in Europe," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(1), pages 254-82, February.
    11. Black, Fischer & Miller, Merton H & Posner, Richard A, 1978. "An Approach to the Regulation of Bank Holding Companies," The Journal of Business, University of Chicago Press, vol. 51(3), pages 379-412, July.
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