10.6.Credit Lyonnais ´
39 Relevant Parts of the Text: Chapters 5, 6 (political risk), Chapter 8.
‘‘Seldom in the field of finance has so much been squandered so quickly by so few.’’40
On the last working day of 1992,
Monsieur Jean-Yves Harberer, Chairman of Credit ´
Lyonnais (CL), once again reaffirmed his plan to transform CL from a staid, state-controlled
French bank into a high-performance pan-European universal bank, a key player in both
commercial and investment banking markets and a cornerstone of European finance by
the turn of the century. January 1993 was the eve of the EU’s first attempt41
to achieve a
single market in goods/services throughout Europe, including financial services. Monsieur
Harberer could cite an important milestone in the road to this goal, achieving a controlling
interest in Bank fur Gemeinwirtschaft, giving CL a major stake in Europe’s largest and ¨
toughest
financial services market, Germany.
According to Harberer, the banks likely to be the future leaders in Europe were Deutsche
Bank (Germany), Barclays Bank (Great Britain), Istituto Bancaira San Paolo di Torino
(Italy) and Credit Lyonnais of France. These leading banks would come to dominate the ´
pan-European banking markets. They would possess the capital strength, the domestic
market share and the intra-European networks to intimidate
rivals and repel competitive
threats from all sources. Few others, in the opinion of Harberer, had much of a chance.
Harberer had chosen the grandest strategy of all. It was a strategy designed to have
enormous appeal to CL’s sole stockholder, the French government,
given its proclaimed
vision that a few Euro-champions needed to be nurtured in each important industry
through an aggressive ‘‘industrial policy’’ of protection, subsidisation, ministerial guidance
and selective capital infusions. Each Euro-champion (as many as possible French) must be
capable of conducting commercial warfare on the global battlefield.
In financial services,
according to Harberer, CL would be France’s chosen instrument.
To achieve this objective, Harberer had three goals:
ž To make CL very, very large, with 1% to 2% of all bank deposits in the 15 (25 since
2004) European Community countries. To achieve this goal,
CL would have to capture
significant market share in multiple areas of banking and securities activities at once.
Given the competitive dynamics of the financial services sector, speed was of the essence.
Acquisitions of existing businesses would be made in various countries on several fronts,
simultaneously.ž CL needed to expand and operate Europe-wide. This meant going up against the
entrenched domestic competition in most of the national EU markets simultaneously,
either via aggressive expansion, strategic
alliances and networks, or local acquisitions.
10.6. Kredit Lion
'39 Matnning tegishli qismlari: 5, 6-boblar (siyosiy xavf), 8-bob.'' Moliya sohasida kamdan-kam hollarda juda kam odam tomonidan shunchalik tez isrof bo'lgan.''40
1992 yilning so'nggi ish kunida janob Jan-Iv Xarberer, Kredit raisi Lionnais (CL) yana bir bor CLni barqaror, davlat tomonidan nazorat qilinadigan o'zgartirish rejasini tasdiqladi. Frantsiya banki yuqori samarali umumevropa universal bankiga aylandi, ikkalasida ham asosiy o'yinchi tijorat va investitsiya banki bozorlari va Yevropa moliyasining asosiy toshi hisoblanadi asr boshi. 1993 yil yanvar oyi EIning a.ga erishish uchun birinchi urinishi41 arafasi edi Evropa bo'ylab tovarlar/xizmatlar, shu jumladan moliyaviy xizmatlarning yagona bozori. Janob Harberer ushbu maqsadga erishish yo'lidagi muhim bosqichni keltirishi mumkin, bu esa nazoratga erishishdir Bank fur Gemeinwirtschaftdagi qiziqish CL ga Yevropadagi eng yirik va ¨eng qiyin
moliyaviy xizmatlar bozori, Germaniya. Harbererning so'zlariga ko'ra, Evropaning kelajakdagi etakchilari bo'lishi mumkin bo'lgan banklar Deutsche edi Bank (Germaniya), Barclays Bank (Buyuk Britaniya), Istituto Bancaira San Paolo di Torino (Italiya) va Fransiyaning Credit Lyonnais. Ushbu etakchi banklar ''da hukmronlik qilishlari mumkin edi umumevropa bank bozorlari. Ular kapital kuchiga, ichki kapitalga ega bo'lar edilar Raqiblarni qo'rqitish va raqobatbardoshlikni qaytarish uchun bozor ulushi va Yevropa ichidagi tarmoqlar barcha manbalardan tahdidlar. Xarbererning fikriga ko'ra, boshqa bir nechtasida ko'p imkoniyat bor edi.Harberer eng buyuk strategiyani tanladi. Bu ega bo'lish uchun ishlab chiqilgan strategiya ediCL ning yagona aktsiyadori, frantsuz hukumatiga e'lon qilingan katta murojaat Har bir muhim sohada bir nechta Evro-chempionlar tarbiyalanishi kerakligi haqidagi tasavvur himoya qilish, subsidiyalash, vazirlik rahbarligining agressiv "" sanoat siyosati " orqali va selektiv kapital infuziyalari. Har bir evro-chempion (iloji boricha ko'proq frantsuz) bo'lishi kerak global jang maydonida tijorat urushini olib borishga qodir. Moliyaviy xizmatlarda, Harbererning so'zlariga ko'ra, CL Frantsiyaning tanlangan asbobi bo'ladi. Ushbu maqsadga erishish uchun Xarbererning uchta maqsadi bor edi:ž
CLni juda va juda katta qilish, barcha bank depozitlarining 1% dan 2% gacha 15 (25 yildan beri) 2004) Yevropa hamjamiyati mamlakatlari. Ushbu maqsadga erishish uchun CL qo'lga kiritishi kerak edi bir vaqtning o'zida bank va qimmatli qog'ozlar faoliyatining bir nechta sohalarida muhim bozor ulushi. Moliyaviy xizmatlar sektorining raqobatbardosh dinamikasini hisobga olgan holda, tezkorlik muhim ahamiyatga ega edi.Mavjud korxonalarni sotib olish turli mamlakatlarda bir necha yo'nalishda amalga oshiriladi,bir vaqtning o'zida.ž CL butun Yevropa bo‘ylab kengayishi va ishlashi kerak edi. Bu unga qarshi chiqishni anglatardibir vaqtning o'zida Evropa Ittifoqining aksariyat milliy bozorlarida ichki raqobat kuchaygan;agressiv kengayish, strategik ittifoqlar va tarmoqlar yoki mahalliy xaridlar orqali
