Diversivikasi Produk

dan Lembaga Keuangan

Budi Purwanto
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.
Pengantar

 Model lembaga keuangan dibedakan

menjadi dua, berspesialisasi atau
universal
 LK universal lazim pada bank-bank di
Jerman, Swis dan Enggris.
 Di Indonesia?
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)
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
 Modernisasi Aturan
Jasa-jasa Keuangan
 Di AS
 Financial Services Holding Companies
 eliminated restrictions
 Functional Regulation
 Insurance functions regulated at state level
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
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
 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
Faktor-faktor Regulasi

 Perusahaan Asuransi
 Diatur dengan undang-undang tersendiri
 Menetapkan kehadiran fisik di tiap-tiap
wilayah kerja
Konsolidasi LK

 Kecenderungan untuk Melakukan Merjer

 Internasional
 LK keuangan besar merjer
 LK kecil diakuisisi
 Nasional
 Merjer perbankan
 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
 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
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.
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.
 Success of
Geographic Expansion
 Investor reaction
 Abnormal returns for both acquiring bank
and target bank.
 Although some contrary results for bidders
 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.
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.
 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.
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
Top Global Banks

Banks Domicile %age overseas

Am. Express U.S.A. 80.9
Standard Chartered U.K. 79.2
UBS Switzerland 76.8
Investec South Africa 74.2
Credit Suisse Switzerland 72.9
Deutsche Bank Germany 64.4
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.
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
 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
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-
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
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.
Foreign Banks in the U.S.

 Organizational form
 Subsidiary
 Branch
 Agency
 Edge Act Corporation
 Representative Office
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.
 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
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
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.
Keuntungan Diversifikasi
 Risk diversification
 Economies of scale
 Innovations
 generate extra returns from selling new products
abroad.
 Funds source
 Customer relationships
 Regulatory avoidance
Kerugian Diversifikasi

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