Common ownership patterns in the European banking sector—the impact of the financial crisis

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  • dc.contributor.author Banal Estañol, Albert
  • dc.contributor.author Boot, Nuria
  • dc.contributor.author Seldeslachts, Jo
  • dc.date.accessioned 2024-01-23T13:59:58Z
  • dc.date.available 2024-01-23T13:59:58Z
  • dc.date.issued 2022
  • dc.description.abstract We provide a description of ownership patterns in the top 25 European banks for the period 2003–2015, where we especially focus on the global financial crisis. Investment managers, such as Blackrock, are dominant in terms of number of blockholdings in different banks, maintaining fairly stable “common ownership” networks throughout our sample. However, the financial crisis led to capital injections by governments in several banks in trouble, which in turn led to a jump in holdings by governments, which typically are “non-common owners” (i.e., they hold only shares in only one bank). This jump translated into these investors temporarily being the top investor with a large share, and non-common owners being the majority among large shareholders. A brief comparison with US banks uncovers large ownership differences between the European and US banking sectors. We briefly discuss what these ownership patterns might imply for competition, stability and performance in the banking industry.
  • dc.description.sponsorship We thank the editor of this journal,Martin Peitz, and an anonymous referee for their feedback; and participants of the Dec 7, 2020 JCLE Conference on Common Ownership, Interlocking Directorates & Competition for their comments. Banal-Estanol gratefully acknowledges financial support from Ministerio de Economia y Competitividad and Feder (PID2019-109377GB-I00) and the Severo Ochoa programme (CEX2019-000915-S).
  • dc.format.mimetype application/pdf
  • dc.identifier.citation Banal-Estañol A, Boot N, Seldeslachts J. Common ownership patterns in the European banking sector—the impact of the financial crisis. J Compet Law Econ. 2022;18(1):135-67. DOI: 10.1093/joclec/nhab023
  • dc.identifier.doi http://dx.doi.org/10.1093/joclec/nhab023
  • dc.identifier.issn 1744-6414
  • dc.identifier.uri http://hdl.handle.net/10230/58806
  • dc.language.iso eng
  • dc.publisher Oxford University Press
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/PID2019-109377GB-I00
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/CEX2019-000915-S
  • dc.rights © The Author(s) 2021. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permission@oup.com. This is an Open Access article distributed under the terms of the Creative Commons Attribution NonCommercial-NoDerivs licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial reproduction and distribution of the work, in any medium, provided the original work is not altered or transformed in any way, and that the work is properly cited.
  • dc.rights.accessRights info:eu-repo/semantics/openAccess
  • dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/4.0/
  • dc.title Common ownership patterns in the European banking sector—the impact of the financial crisis
  • dc.type info:eu-repo/semantics/article
  • dc.type.version info:eu-repo/semantics/publishedVersion

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