FACULTÉ & RECHERCHE

The aim of this paper is to identify the determinants that affect the operating performance of banking M&A strategies. Our contribution compared to former works is to analyze M&A operations performance by line of activities. Our sample includes 92 American banking M&A operations over the period 2001-2006. We have used an approach that compares the preM&A operating performance with the expost one measured using accounting ratios (return on equity (ROE) and return on assets (ROA)) or technical efficiency measures. The main results suggest that M&A operations induce an improvement in post-M&A operations performance and that the development of more intermediation before the M&A operations leads to an improvement in the ROE and a deterioration in technical efficiency.