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The study aims to analyze how mergers and acquisitions affect shareholder value and post-merger performance in the Indian banking sector.

April 13, 2026Open Access

Mergers and Acquisitions, Shareholder Value Creation and Post-Integration Performance in the Indian Banking Sector

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This analysis examines the impact of major bank mergers on shareholder value, suggesting integration factors are critical for success.

The study aims to analyze how mergers and acquisitions affect shareholder value and post-merger performance in the Indian banking sector.
Conducted a comprehensive event study on 14 major bank mergers from 2017 to 2024.
Utilized a standard market model event study methodology to assess cumulative abnormal returns.
Performed post-merger panel analysis using financial ratios like NPA, CASA, NIM, Cost-to-Income, and CAR at various time horizons.
Identified integration success factors through the Analytic Hierarchy Process (AHP).
Documented cumulative abnormal returns for both acquirers and targets following mergers.
Found that cultural alignment, technology integration, and talent retention are the top integration success factors.
Highlighted the importance of technology integration in the context of India's banking system.

Sudi Sudarsanam (2026) studied this question.

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