By Tobias C Hoschka
Providing a accomplished evaluation of the thoughts of banks and insurance firms within the circulation in the direction of an inner eu marketplace for monetary prone, this publication analyzes the newest theoretical and institutional advancements. It additionally presents a variety of case reviews of exact cross-border access options of a few of the most important ecu monetary institutions.
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Extra resources for Cross-Border Entry in European Retail Financial Services: Determinants, Regulation and the Impact on Competition
Notes: 1 OJL, 780, 1977. 2 The 1986 French Banking Act adopted this definition but additionally includes the issue of means of payment as a third characterising criterion. In contrast, Article 1 of the German Banking Act subsumes a much wider range of activities under its banking definition. 12. 1989. 4 Two examples illustrate this blurring of demarcation lines: first, the decision of British building societies to actively enter retail personal customer services by offering interest-bearing current accounts with close to money market rates after the 1986 Building Society Act cleared the way for an expansion of activities.
Thus, even though foreign firms in insurance still play a limited role compared to some other service and manufacturing industries, they account for a significantly greater market share in retail financial services than foreign banks which have so far focused mainly on wholesale activities in their international expansion strategies. 4 shows the development of market shares of foreign insurers in Germany from 1975 to 1989. It becomes obvious that foreign firms in both life and non-life have substantially increased their stakes in the German market, especially since 1987.
E. unifying the whole range of financial services under one roof. s At the same time, insurance companies progressively move into traditional bank business. This trend has been particularly pronounced in the life insurance sector where products constitute close substitutes to traditional banking products such as fund management, pension products and long-term savings plans. Since such cross-industry penetration plays a significant role also in crossborder transactions, I proceed to discuss these moves in greater detail.