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At Last the Internationalization of Retail Banking? The Case of the Spanish Banks in Latin America

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  • Mauro F. Guillén
  • Adrian E. Tschoegl

Abstract

Since 1995 two Spanish banks -- Banco Santander Central Hispano and Banco Bilbao Vizcaya -- have become the largest foreign banks in retail banking in Latin America. This recent development merits careful analysis because foreign direct investment is rare in retail banking. We find that the Spanish banks are exhibiting asset-seeking, asset-exploiting, and oligopolistic behaviors, thus posing no serious challenge to established theories of foreign investment. We discuss the implications for research on cross-border banking.

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File URL: http://fic.wharton.upenn.edu/fic/papers/99/9941.pdf
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Bibliographic Info

Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 99-41.

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Date of creation: Sep 1999
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Handle: RePEc:wop:pennin:99-41

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  1. Jacobsen, Siv Fagerland & Tschoegl, Adrian E, 1999. "The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Banking," Industrial and Corporate Change, Oxford University Press, vol. 8(1), pages 137-65, March.
  2. Adrian E Tschoegl, 1987. "International Retail Banking as a Strategy: An Assessment," Journal of International Business Studies, Palgrave Macmillan, vol. 18(2), pages 67-88, June.
  3. Barros, Pedro Pita, 1995. "Post-entry expansion in banking: The case of Portugal," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 593-611, December.
  4. Ball, Clifford A. & Tschoegl, Adrian E., 1982. "The Decision to Establish a Foreign Bank Branch or Subsidiary: An Application of Binary Classification Procedures," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(03), pages 411-424, September.
  5. Chwo-Ming J Yu & Kiyohiko Ito, 1988. "Oligopolistic Reaction and Foreign Direct Investment: The Case of the U.S. Tire and Textiles Industries," Journal of International Business Studies, Palgrave Macmillan, vol. 19(3), pages 449-460, September.
  6. Errunza, Vihang R & Senbet, Lemma W, 1981. "The Effects of International Operations on the Market Value of the Firm: Theory and Evidence," Journal of Finance, American Finance Association, vol. 36(2), pages 401-17, May.
  7. Michel Dietsch & Ana Lozano Vivas, . "How the Environment Determines the Efficiency of Banks: A Comparison between French and Spanish Banking Industry," Center for Financial Institutions Working Papers 97-29, Wharton School Center for Financial Institutions, University of Pennsylvania.
  8. Manijeh Sabi, 1988. "An Application of the Theory of Foreign Direct Investment to Multinational Banking in LDCs," Journal of International Business Studies, Palgrave Macmillan, vol. 19(3), pages 433-447, September.
  9. Edward Brown Flowers, 1976. "Oligopolistic Reactions in European and Canadian Direct Investment in the United States," Journal of International Business Studies, Palgrave Macmillan, vol. 7(2), pages 43-56, June.
  10. Engwall, L. & Wallenstål, M., 1988. "Tit for tat in small steps: the internationalization of Swedish banks," Scandinavian Journal of Management, Elsevier, vol. 4(3-4), pages 147-155.
  11. Bengtsson, Lars & Elg, Ulf & Lind, Jan-Inge, 1997. "Bridging the transatlantic publishing gap: How North American reviewers evaluate European idiographic research," Scandinavian Journal of Management, Elsevier, vol. 13(4), pages 473-492, December.
  12. Heinkel, Robert L. & Levi, Maurice D., 1992. "The structure of international banking," Journal of International Money and Finance, Elsevier, vol. 11(3), pages 251-272, June.
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