De Facto versus De Jure Bank–Insurance Ventures in the Greek Market

Elena Kalotychou () and Sotiris K Staikouras ()
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Elena Kalotychou: Cass Business School, City University, 106 Bunhill Row, London EC1Y 8TZ, U.K.
Sotiris K Staikouras: Risk Institute and Emerging Markets Group, Cass Business School, City University, 106 Bunhill Row, London EC1Y 8TZ, U.K.

The Geneva Papers on Risk and Insurance - Issues and Practice, 2007, vol. 32, issue 2, 246-263

Abstract: The present study delves into the bank–insurance phenomenon in Greece. The paper explores the market-based practices surfacing through the bank–insurance interface and delineates the possible theoretical corporate structures. A review of the various financial ventures in the domestic market is provided aiming to unveil corporate patterns both in a cross-venture and time series framework. As a result of this survey, the existence of de jure limits versus de facto boundaries, as expanded by loopholes and avoidance activities, is established. The “traditional” subsidiary model is complemented by a number of multi-ventures as banks make inroads into the insurance business. The latter is associated with the presence of multinational firms and foreign direct investment in the region. The analysis is further extended by examining the drivers, motives and operational issues pertinent to these financial conglomerates. The Geneva Papers (2007) 32, 246–263. doi:10.1057/palgrave.gpp.2510124

Date: 2007
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