Redukcja kosztów osobowych jako element synergii operacyjnej w fuzjach i przejęciach banków komercyjnych
Reduction of personnel costs as an element of operating synergy in mergers and acquisitions of commercial banks

Summary/Abstract: Synergy is one of the most desired outcomes of mergers and acquisitions. The objective of the article is to analyse the reduction of personnel costs as an element of operating synergy in commercial banks participating in mergers and acquisitions in the Polish banking sector. The analysis concerns 17 transactions of mergers and acquisitions, chosen from all the operations of this kind within the Polish banking sector in the years 1992–2010. In the case of mergers and acquisitions taking place in the Polish banking sector, the reduction of operating costs was the basic form introduced by strategic shareholders. However, it was very often forgotten that the main factors determining whether synergy occurs are: the economies of scale, the economies of scope and X-efficiency.

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