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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.

Suggested Citation

  • 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 137-165, March.
  • Handle: RePEc:oup:indcch:v:8:y:1999:i:1:p:137-65
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    1. 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.
    2. Bradford Cornell & Richard Roll, 1981. "Strategies for Pairwise Competition in Markets and Organizations," Bell Journal of Economics, 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;Academy of International Business, vol. 19(3), pages 411-432, September.
    4. 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, vol. 14(4), pages 521-541, June.
    5. Engwall, Lars & Johanson, Jan, 1990. "Banks in industrial networks," Scandinavian Journal of Management, Elsevier, vol. 6(3), pages 231-244.
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    Cited by:

    1. 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, vol. 29(10), pages 2455-2473, October.
    2. Engwall, Lars & Marquardt, Rolf & Pedersen, Torben & Tschoegl, Adrian E., 2001. "Foreign bank penetration of newly opened markets in the Nordic countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 11(1), pages 53-63, March.
    3. Mutinelli, Marco & Piscitello, Lucia, 2001. "Foreign direct investment in the banking sector: the case of Italian banks in the '90s," International Business Review, Elsevier, vol. 10(6), pages 661-685, December.
    4. Hans Degryse & Steven Ongena, 2002. "Bank-Firm Relationships and International Banking Markets," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 9(3), pages 401-417.
    5. Gino Cattani & Adrian E. Tschoegl, 2002. "An Evolutionary View of Internationalization: Chase Manhattan Bank, 1917 to 1996," Center for Financial Institutions Working Papers 02-37, Wharton School Center for Financial Institutions, University of Pennsylvania.
    6. M. Boldt-Christmas & S. F. Jacobsen & A. Tschoegl, 2001. "The International Expansion of the Norwegian Banks," Business History, Taylor & Francis Journals, vol. 43(3), pages 79-104.
    7. Bjarni G. Einarsson & Kristófer Gunnlaugsson & Thorvardur Tjörvi Ólafsson & Thórarinn G. Pétursson, 2015. "The long history of financial boom-bust cycles in Iceland - Part I: Financial crises," Economics wp68, Department of Economics, Central bank of Iceland.
    8. 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 99-41, Wharton School Center for Financial Institutions, University of Pennsylvania.

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