Therefore, since bank M&As affect not only banks themselves but also their customers, quantifying the efficiency gains becomes difficult. An important first step towards analysing some potential externalities to the bank customers is to assess the value created for bank shareholders and depositors. This is what I am going to do now.
Later on, I will analyse the impact of bank M&As on the financing of small firms and on entrepreneurship. 4  Focarelli, Panetta, and Salleo (2002). 5  Jensen and Ruback (1983). 6  See Amel, Barnes, Panetta and Salleo (2004). 2  BIS Review 147/2007  4.