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The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Banking

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  • Jacobsen, Siv Fagerland
  • Tschoegl, Adrian E

Abstract

Despite the scholarly interest in joint ventures and strategic alliances, the consortium bank movement represents and under-researched phase in postwar banking history. From 1964 to the early 1980s, many of the largest banks in the world, including the Nordic banks, entered into international strategic alliances. Almost all of these alliances are now defunct and thus we are looking at the growth and demise of an organizational form. We follow the Norwegian banks in the Nordic consortia and find that domestic rivals do not cooperate but international rivals do. Legal prohibitions in the Nordic countries on entry by foreign banks underpinned the cooperation. The cooperation broke down when, as a result of deregulation, the Nordic banks could establish operations in each other's domestic markets and when domestic mergers disrupted existing international alliances. Copyright 1999 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Industrial & Corporate Change.

Volume (Year): 8 (1999)
Issue (Month): 1 (March)
Pages: 137-65

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Handle: RePEc:oup:indcch:v:8:y:1999:i:1:p:137-65

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  1. Ongena, S. & Smith, D.C., 1998. "Quality and duration of banking relationships," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-80677, Tilburg University.
  2. Bradford Cornell & Richard Roll, 1981. "Strategies for Pairwise Competition in Markets and Organizations," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 12(1), pages 201-213, Spring.
  3. Bruce Kogut & Harbir Singh, 1988. "The Effect of National Culture on the Choice of Entry Mode," Journal of International Business Studies, Palgrave Macmillan, Palgrave Macmillan, vol. 19(3), pages 411-432, September.
  4. Hennart, J.-F.M.A., 1989. "Transaction costs theory of equity joint ventures," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-175839, Tilburg University.
  5. Engwall, Lars & Johanson, Jan, 1990. "Banks in industrial networks," Scandinavian Journal of Management, Elsevier, Elsevier, vol. 6(3), pages 231-244.
  6. Nakamura, Masao & Shaver, J. Myles & Yeung, Bernard, 1996. "An empirical investigation of joint venture dynamics: Evidence from U.S.-Japan joint ventures," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 14(4), pages 521-541, June.
  7. Engwall, L. & WallenstÄl, M., 1988. "Tit for tat in small steps: the internationalization of Swedish banks," Scandinavian Journal of Management, Elsevier, Elsevier, vol. 4(3-4), pages 147-155.
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Cited by:
  1. Hans Degryse & Steven Ongena, 2002. "Bank-Firm Relationships and International Banking Markets," International Journal of the Economics of Business, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(3), pages 401-417.
  2. Chiou, Ingyu & White, Lawrence J., 2005. "Measuring the value of strategic alliances in the wake of a financial implosion: Evidence from Japan's financial services sector," Journal of Banking & Finance, Elsevier, Elsevier, vol. 29(10), pages 2455-2473, October.
  3. Engwall, Lars & Marquardt, Rolf & Pedersen, Torben & Tschoegl, Adrian E., 1999. "Foreign bank penetration of newly opened markets in the Nordic Countries," Working Papers, Copenhagen Business School, Department of International Economics and Management 2-1999, Copenhagen Business School, Department of International Economics and Management.
  4. M. Boldt-Christmas & S. F. Jacobsen & A. Tschoegl, 2001. "The International Expansion of the Norwegian Banks," Business History, Taylor & Francis Journals, Taylor & Francis Journals, vol. 43(3), pages 79-104.
  5. Mutinelli, Marco & Piscitello, Lucia, 2001. "Foreign direct investment in the banking sector: the case of Italian banks in the '90s," International Business Review, Elsevier, Elsevier, vol. 10(6), pages 661-685, December.
  6. Mauro F. Guillén & Adrian E. Tschoegl, 1999. "At Last the Internationalization of Retail Banking? The Case of the Spanish Banks in Latin America," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 99-41, Wharton School Center for Financial Institutions, University of Pennsylvania.
  7. Gino Cattani & Adrian E. Tschoegl, 2002. "An Evolutionary View of Internationalization: Chase Manhattan Bank, 1917 to 1996," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 02-37, Wharton School Center for Financial Institutions, University of Pennsylvania.

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