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FDI and Internationalization: Evidence from U.S. Subsidiaries of Foreign Banks

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Author Info
Adrian E Tschoegl (The Wharton School of the University of Pennsylvania)

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Abstract

Nine foreign banks own the ten largest U.S. affiliates or subsidiaries of foreign banks. These account for 86% of the assets in affiliates and subsidiaries. Their histories suggest that most now represent an attempt by the parents to grow outside the confines of home markets. Original motives for their establishment have included ethnic banking and operational stability stemming from geographical dispersion. There is one major instance of acquiring capabilities, but it does not involve retail banking. The dispersal of national origins suggests that bank-specific capabilities are the primary source of the parents' competitive advantage. Being from English speaking countries also appears to help. Lastly, the growth of the affiliates and subsidiaries has not come from incremental growth but rather from a rearrangement of assets among banks.© 2002 JIBS. Journal of International Business Studies (2002) 33, 805–815

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Article provided by Palgrave Macmillan Journals in its journal Journal of International Business Studies.

Volume (Year): 33 (2002)
Issue (Month): 4 (December)
Pages: 805-815
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Handle: RePEc:pal:jintbs:v:33:y:2002:i:4:p:805-815

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  1. Adrian E. Tschoegl, 2004. "Internationalization and the Rearrangement of Ownership of Firms and Parts of Firms: Grindlays Bank, 1828-2000," Economic History 0405001, EconWPA. [Downloadable!]
  2. Adrian E. Tschoegl, 2004. "Financial Crises and the Presence of Foreign Banks," International Finance 0405016, EconWPA. [Downloadable!]
  3. CASTANER, Xavier & GENC, Mehmet, 2004. "Country Institutional Differences and Multinational Advantage in Banking," Les Cahiers de Recherche 792, HEC Paris. [Downloadable!]
  4. Adrian E. Tschoegl, 2003. "Who Owns the Major US Subsidiaries of Foreign Banks? A Note," Center for Financial Institutions Working Papers 03-11, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
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  5. Adrian E. Tschoegl, . "The Key to Risk Management: Management," Center for Financial Institutions Working Papers 99-42, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
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