Diversivikasi Produk dan Lembaga Keuangan

1. Diversivikasi Produk dan Lembaga Keuangan Budi Purwanto

2. Diversifikasi Produk Lembaga Keuangan • Bagian ini akan membahas masalah dan risiko yang timbul sebagai hasil dari pembatasan-pembatasan yang memaksa LK membatasi kegiatannya pada sektor jasa keuangan dalam arti sempit. • Selain itu, juga akan membahas manfaat potensial dari perluasan produk secara lebih besar, bank universal, dll.

3. Pengantar • Model lembaga keuangan dibedakan menjadi dua, berspesialisasi atau universal • LK universal lazim pada bank-bank di Jerman, Swis dan Enggris. • Di Indonesia?

4. Risiko-risiko dari Segmentasi Produk LK • Risiko segmentasi produk • Produk kurang terdiversifikasi • Optimasi bauran aset lebih sulit dilakukan dan mengurangi kelenturan • Bagi bank, paparan terhadap persaingan dengan LK bukan bank • Reksadana pasar uang (Money Market Mutual Funds, MMMFs) • Pasar surat utang (commercial paper, CP)

5. Perbankan dan Asuransi • Secara konvensional: • Bank dan asuransi dibatasi masing-masing industrinya, bahkan diatur oleh undang-undang berbeda, dan dianggap merupakan dua lini bisnis yang berbeda • Kecenderungan • Perusahaan asuransi menawarkan peluang investasi • Perusahaan perbankan menawarkan jasa proteksi

6. Modernisasi Aturan Jasa-jasa Keuangan • Di AS • Financial Services Holding Companies • eliminated restrictions • Functional Regulation • Insurance functions regulated at state level

7. Diversifikasi Wilayah • Bagian ini akan membahas manfaat dari diversifikasi geografis, baik dalam negeri maupun di manca negara • Juga akan membahas kaitannya dengan merjer dan akuisisi

8. Ekspansi Dalam Negeri • Secara umum tidak ada pembatasan khusus terhadap perluasan LK • Bahkan terdapat kecenderungan pemerintah untuk mendorong bank-bank menjadi lebih besar • Artinya terus berekspansi • Juga merjer dan akuisisi

9. Daya Tarik Ekspansi Geografis • Beberapa hal berlaku khusus untuk LK dan lainnya berlaku umum untuk sektor industri • Regulasi berbeda antar-wilayah • Sinerji biaya dan pendapatan • Faktor khusus perusahaan atau pasar

10. Faktor-faktor Regulasi • Perusahaan Asuransi • Diatur dengan undang-undang tersendiri • Menetapkan kehadiran fisik di tiap-tiap wilayah kerja

11. Konsolidasi LK • Kecenderungan untuk Melakukan Merjer • Internasional • LK keuangan besar merjer • LK kecil diakuisisi • Nasional • Merjer perbankan

12. Manfaat Merjer • Sinerji Biaya • Efisiensi-X • But, Berger and Humphrey: Less evidence of cost savings from economies of scale and scope • Houston, James and Ryngaert / Rhoades: found significant cost savings in megamergers • Berger and DeYoung: positive and negative links between geographic scope and bank efficiency

13. Manfaat Merjer • Sinerji Penerimaan • Memperluas penerimaan dari ekspansi ke pasar yang sedang bertumbuh • Memperluas penerimaan dari ekspansi ke pasar yang kurang penuh persaingan • Arus penerimaan yang lebih stabil

14. Dampak Kekuatan Monopoli • Regulators concerned with merger activity that could result in monopoly power. • Concentration ratios such as Herfindahl-Herschman Index (HHI) employed to measure the effects of merger. • HHI = sum of squared percentage market shares.

15. Other Factors • Solvency and asset quality • leverage, loan loss reserves, NPLs • Attractiveness of bank merger measured in terms of merger premium. • Analysis indicates that highest merger premiums paid for well-managed banks in relatively uncompetitive environments.

16. Success of Geographic Expansion • Investor reaction • Abnormal returns for both acquiring bank and target bank. • Although some contrary results for bidders

17. Success of Geographic Expansion • Postmerger performance • merged banks tended to outperform industry • improved ability to attract loans and deposits, increase employee productivity and enhance asset growth.

18. International Diversification • Although many FIs can diversify domestically, the benefits to global diversification are available only to large firms. This chapter explores the potential risk-return advantages and disadvantages of international expansion and the trends toward globalization of FI franchises. As countries such as the U.S. expand, some countries, Japan in particular, are contracting their overseas operations.

19. Global and International Expansions • Three ways to establish global presence • Sell financial services from domestic offices to foreign customers • Sell financial services through a branch, agency, or representative office in foreign customer’s country • Sell financial services through subsidiary company in foreign customer’s country.

20. Global Expansion of FIs • U.S. insurance companies and securities firms recent expansion • 12 banks in the world with over 50 percent of assets in foreign countries • No single country dominates • Japanese banks absent in spite of their size

21. Top Global Banks

22. U.S. Banks Abroad • J.P. Morgan/Chase have had offices abroad since beginning of century. • Major growth began in 1960s • Overseas Direct Investment Control Act, 1964. • Offshore funding and lending in dollars forged beginnings of the Eurodollar market. • Assets of U.S. bank activities abroad increased from $353.8 billion in 1980, to $745 billion in 2001. Declined in percentage terms.

23. Factors Encouraging U.S. Bank Expansions Abroad • Dollar as international medium of exchange • Effects of Euro • Political risk • Encouraged flows to U.S. branches and subsidiaries in Cayman Islands and Bahamas. • USA Patriot Act of 2001 prohibited services to shell banks and increased focus on money laundering

24. Factors Encouraging U.S. Bank Expansions Abroad • Domestic activity restrictions • Fed regulations permitting banks to engage in activities permitted by foreign host. • Diversification benefits. • Technology and communications improvements • CHIPS • Decreasing operating costs

25. Factors Deterring Expansion • Capital constraints • BIS 2001 reforms • raise capital requirements for loans to non-OECD sovereigns rated below B- • raise capital requirements for loans to OECD countries rated below AA- • zero risk weights for OECD countries rated above AA-

26. Factors Deterring Expansion • Emerging markets problems • Increased caution due to Korea, Thailand, Indonesia despite improved regulatory environment (NAFTA, for example). • WTO reduction of barriers to global expansion • China as a recent noteworthy example

27. Factors Deterring Expansion • Competition • During 1990s, extensive competition from Japanese banks • Japan had 9 of the 10 largest banks • European Community Second Banking Directive resulted in significant consolidation of European banks.

28. Foreign Banks in the U.S. • Organizational form • Subsidiary • Branch • Agency • Edge Act Corporation • Representative Office

29. Trends and Growth • Rapid expansion of foreign banks in U.S. • In 1980, foreign banks had assets of $166.7 billion (10.8 percent of total U.S. bank assets) • 1992, $514.3 billion (16.4 percent) • 1994, $471.1 billion (13.8 percent) • Retrenchments due to several factors including competitive and regulatory effects. • Recent growth in foreign bank operations in U.S.

30. Regulation of Foreign Banks in U.S. • Prior to 1978, foreign branches and agencies were licensed mostly at state level. • No access to discount window • No direct access to Fedwire/fed funds markets • No FDIC coverage

31. Regulation of Foreign Banks in U.S. (post 1978) • Passage of International Banking Act, 1978 • National treatment to level the playing field • Accelerated expansion of foreign banks in U.S. • Japanese bank entry into California, and subsequent sales notable

32. Regulation of Foreign Banks • Foreign Bank Supervision Enhancement Act 1991, increased federal control. • Triggered by three events: • collapse of BCCI • issuance of $1 billion in unauthorized letters of credit to Iraq by Atlanta agency of Banca Nazionale del Lavoro • unauthorized taking of deposit funds by U.S. representative of Greek National Mortgage Bank of New York.

33. Keuntungan Diversifikasi • Risk diversification • Economies of scale • Innovations • generate extra returns from selling new products abroad. • Funds source • Customer relationships • Regulatory avoidance

34. Kerugian Diversifikasi • Information/monitoring costs • Example: differences in accounting standards • Nationalization/expropriation. • Fixed costs may be high • Tokyo real estate prices for example.

35. Kepustakaan • Siamat, Dahlan. 2004. Manajemen Lembaga Keuangan. Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia. • Saunders, A., Cornett M.M. 2006. Financial Institution Management. McGraw-Hill International. • Kasmir. 2002. Manajemen Perbankan. Jakarta: Divisi Buku Perguruan Tinggi PT RajaGrafindo Persada. • Kuncoro, M & Suhardjono. 2002. Manajemen Perbankan: Teori dan Aplikasi. BPFE Yogyakarta. • Riyadi, S. 2004. Banking Assets Liability Management. Penerbitan FE-UI • Gandapradja, P. 2004. Dasar dan Prinsip Pengawasan Bank. Penerbit PT Gramedia Utama.