Menu Expand
  1. Journals
  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 53, Issue 2
  5. pp. 187–220

JOURNAL ARTICLE

Cite JOURNAL ARTICLE

Style
Körnert, J., Junghanns, T. The Potential for Sovereign Wealth Funds to Exert Influence Through Critical Banks in the Five Smallest EU Member States. . An Analysis of Malta, Cyprus, Estonia, Latvia and Lithuania. Credit and Capital Markets – Kredit und Kapital, 53(2), 187-220. https://doi.org/10.3790/ccm.53.2.187
Körnert, Jan and Junghanns, Thomas "The Potential for Sovereign Wealth Funds to Exert Influence Through Critical Banks in the Five Smallest EU Member States. An Analysis of Malta, Cyprus, Estonia, Latvia and Lithuania. " Credit and Capital Markets – Kredit und Kapital 53.2, 2020, 187-220. https://doi.org/10.3790/ccm.53.2.187
Körnert, Jan/Junghanns, Thomas (2020): The Potential for Sovereign Wealth Funds to Exert Influence Through Critical Banks in the Five Smallest EU Member States, in: Credit and Capital Markets – Kredit und Kapital, vol. 53, iss. 2, 187-220, [online] https://doi.org/10.3790/ccm.53.2.187
Format
Download

The Potential for Sovereign Wealth Funds to Exert Influence Through Critical Banks in the Five Smallest EU Member States

An Analysis of Malta, Cyprus, Estonia, Latvia and Lithuania

Körnert, Jan | Junghanns, Thomas

Credit and Capital Markets – Kredit und Kapital, Vol. 53 (2020), Iss. 2 : pp. 187–220

3 Citations (CrossRef)

Read Now Download (PDF)

Additional Information

Article Details

Publisher Name
Duncker & Humblot GmbH
DOI
https://doi.org/10.3790/ccm.53.2.187
Language
English
Pages
34
Keywords

Author Details

Prof. Dr. Jan Körnert, University of Greifswald, Faculty of Law and Economics, Friedrich-Loeffler-Straße 70, 17489 Greifswald

Dipl.-Kfm. Thomas Junghanns, University of Greifswald, Faculty of Law and Economics, Friedrich-Loeffler-Straße 70, 17489 Greifswald

Cited By

  1. Staatsfonds und die Dax-40-Unternehmen

    Körnert, Jan | Kolwey, Tim

    Zeitschrift für Wirtschaftspolitik, Vol. 72 (2023), Iss. 2 P.193

    https://doi.org/10.1515/zfwp-2023-2008 [Citations: 0]

  2. Einflussmöglichkeiten von Staatsfonds auf die Bankensysteme der EU-Länder außerhalb des Euroraums

    Junghanns, Thomas | Körnert, Jan

    Perspektiven der Wirtschaftspolitik, Vol. 23 (2022), Iss. 4 P.299

    https://doi.org/10.1515/pwp-2021-0053 [Citations: 1]

  3. The Potential for a Sovereign Wealth Fund to Acquire and Exert Influence Over the Eurozone

    Junghanns, Thomas | Körnert, Jan

    Intereconomics, Vol. 57 (2022), Iss. 3 P.179

    https://doi.org/10.1007/s10272-022-1045-6 [Citations: 2]

References

  1. ABLV (2018): Voluntary liquidation of ABLV bank. Riga, 12 June 2018. www.ablv.com/en/legal-latest-news/ablv-bank-self-liquidation (accessed on May 5, 2019).  Google Scholar
  2. Ådahl, M. (2002): Banking in the Baltics – the development of the banking systems of Estonia, Latvia and Lithuania since independence. The Internationalization of Baltic Banking (1998–2002). In: Focus on transition 2/2002. Published by Austrian National Bank. Vienna, 107–131.  Google Scholar
  3. AHK (2019): Baltenstaaten mit EU-weit größtem Wachstum im vierten Quartal 2018. www.ahk-balt.org/news/news-details/baltenstaaten-mit-eu-weit-groesstem-wachstum-im-vierten-quartal-2018. (accessed on August 11, 2019).  Google Scholar
  4. Albert, H. (1955): Macht und Zurechnung. Schmollers Jahrbuch 75. Berlin, 57–85.  Google Scholar
  5. Alecta: This is Alecta. www.alecta.se/en/in-english/about-alecta/this-is-alecta/#taking-responsibility-for-the-future-since-1917. (accessed on July 23, 2019).  Google Scholar
  6. Austrian National Bank (2019): Aussenwirtschaft. www.oenb.at/Statistik/Standardisierte-Tabellen/auszenwirtschaft.html. (accessed on February 4, 2019).  Google Scholar
  7. Bank of Cyprus (2019): Shareholder Structure. https://www.bankofcyprus.com/en-GB/investor-relations-new/shareholder-information/shareholder-structure/. (accessed on July 27, 2019).  Google Scholar
  8. Bank of Valletta (2019): Changes in share capital. Since listing on the Malta Stock Exchange. www.bov.com/documents/bov-changes-in-share-capital. (accessed on August 6, 2019).  Google Scholar
  9. Blackstone (2018): Blackstone to acquire €1 billion majority stake in Luminor through a corporate partnership. china.blackstone.com/media/press-releases/article/blackstone-to-acquire-1-billion-majority-stake-in-luminor-through-a-corporate-partnership. (accessed on July 21, 2019).  Google Scholar
  10. Blisse, H. (2015): Genossenschaftliche und staatliche Vermögensfonds – Drei europäische Beispiele solidarischer (Alters-) Vorsorge. In: Perspektiven für die Genossenschaftsidee. Edited by J. Brazda/R. van Husen/D. Rössl. Bremen, 181–190.  Google Scholar
  11. Bloomberg (2019): Bank of Cyprus Holdings PLC. www.bloomberg.com/quote/BOCH:LN. (accessed on August 14, 2019).  Google Scholar
  12. BMI, German Federal Ministry of the Interior (2009): Nationale Strategie zum Schutz Kritischer Infrastrukturen (KRITIS-Strategie). Berlin.  Google Scholar
  13. Brächer, M. (2018): So leiden schweizer Firmen unter den Russland-Sanktionen. Handelsblatt dated 11 April 2018. www.handelsblatt.com.  Google Scholar
  14. Bundeszentrale, German Federal Agency for Civic Education (2017): Aktionärsstruktur von DAX-Unternehmen. www.bpb.de/nachschlagen/zahlen-und-fakten/globalisierung/52596/aktionaers-struktur-dax. (accessed on August 6, 2019).  Google Scholar
  15. Central Bank of Cyprus (2019): www.centralbank.cy/en/licensing-supervision/banks/register-of-credit-institutions-operating-in-cyprus. (accessed on June 13, 2019).  Google Scholar
  16. Consiglio, J. A. (2006): A history of banking in Malta. Valletta.  Google Scholar
  17. Demetriades, P. (2017): A diary of the Euro crisis in Cyprus. Lessons for bank recovery and resolution. Cham.  Google Scholar
  18. Deppe, H.-D. (1989): Finanzielle Haftung heute – Obsoletes Relikt oder marktwirtschaftliche Fundamentalleistung? In: Geldwirtschaft und Rechnungswesen. Edited by H.-D. Deppe. Göttingen, 199–228.  Google Scholar
  19. EBRD (2019): Shareholders and Board of Governors. www.ebrd.com/shareholders-and-board-of-governors.html. (accessed on July 27, 2019).  Google Scholar
  20. EBRD (2019a): What We Do. www.ebrd.com/what-we-do.html. (accessed on July 27, 2019).  Google Scholar
  21. ECB (2019): List of supervised entities, 1 March 2019. www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities20190301.en.pdf. (accessed on May 5, 2019).  Google Scholar
  22. European Commission (2019): Case M.9135. The Blackstone Group/Luminor Bank. https://ec.europa.eu/competition/mergers/cases/decisions/m9135_97_3.pdf.  Google Scholar
  23. Eurostat (2019): GDP and main components (output, expenditure and income). http://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=nama_10_gdp&lang=en. (accessed on June 18, 2019).  Google Scholar
  24. EZB kontrolliert künftig lettisches Bankhaus PNB Banka (2019): Handelsblatt dated 5 May 2019. www.handelsblatt.com/finanzen/banken-versicherungen/bankenkontrolle-ezb-kontrolliert-kuenftig-lettisches-bankhaus-pnb-banka/24090678.html?ticket=ST-1204244-0kEXTITcTv5eD1EiW3lD-ap5. (accessed on May 5, 2019).  Google Scholar
  25. Frendo, H. (2002): Ports, ships and money: The origins of corporate banking in Valletta. Journal of Mediterranean Studies, vol. 12, 327–350.  Google Scholar
  26. FSB (2018): List of global systemically important banks (G-SIBs). www.fsb.org/wp-content/uploads/P161118-1.pdf. (accessed on July 3, 2019).  Google Scholar
  27. Gini, C. (1938): “Trade follows the flag”. Weltwirtschaftliches Archiv, vol. 47, pp. 181–227.  Google Scholar
  28. Hellenic Bank (2019): Our history 2018. www.hellenicbank.com/portalserver/hb-en-portal/en/about-us/who-we-are/overview/our-history. (accessed on August 11, 2019).  Google Scholar
  29. Investor AB: Investor’s History. https://www.investorab.com/about-investor/investor-s-history/1916-1929/. (accessed on July 23, 2019).  Google Scholar
  30. Joint bank of DNB: Nordea to be headquartered in Estonia (2019): news. postimees.ee/3813175/joint-bank-of-dnb-nordea-to-be-headquartered-in-estonia. (accessed on May 5, 2019).  Google Scholar
  31. Kleanthouse, A./Hadjimanolis, A. (2016): Co-operative credit institutions in Cyprus. In: Credit cooperative institutions in European countries. E S. Karafolas. Berlin et al., 19–41.  Google Scholar
  32. Köbeli, P. (2017): Staatsfonds als Investoren: Anforderung an Zweck und Organisation. St. Gallen. www1.unisg.ch/www/edis.nsf/SysLkpByIdentifier/4669/$FILE/dis4669.pdf.  Google Scholar
  33. Körnert, J. (2002): Die Bankenkrisen in Nordeuropa zu Beginn der 1990er Jahre: Eine Sequenz aus Deregulierung, Krise und Staatseingriff in Norwegen, Schweden und Finnland. Kredit und Kapital, vol. 35, 280–314.  Google Scholar
  34. Körnert, J. (2012): Swedish cooperative banking in the 1990s: a decade of crisis and transition. In: Raiffeisen’s footprint. The cooperative way of banking. Edited by J. Mooij/W. W. Boonstra. Amsterdam, 217–230 and 303–306.  Google Scholar
  35. Körnert, J. (2019): Auslandsbanken in den Bankensystemen des Baltikums – Nationalstaatliche Marktanteile, europäische Machtpotenziale und Aussenwirtschaftsrecht. In: Recht trifft Wirtschaft. Edited by J. Körnert/J. Lege/K. Grube. Berlin, 113–146.  Google Scholar
  36. Körnert, J./Junghanns, Th. (2019a): Einflusspotentiale von Staatsfonds auf die Bankensysteme Maltas und Zyperns. Bank-Archiv, vol. 67, 656–662.  Google Scholar
  37. Körnert, J./Junghanns, Th. (2019b): Staatliche Investitionen. Die Gefahren von Staatsfonds. Katapult, vol. 14, 78–81.  Google Scholar
  38. Körnert, J./Romānova, I. (2014): Entwicklungen im Bankensystem Lettlands seit 1991. Bank-Archiv, vol. 62, 237–245.  Google Scholar
  39. Körnert, J./Rossaro, F. (2007): Italiens Genossenschaftsbanken im Spannungsfeld aus genossenschaftlichem Prinzip und Rechtsformwahl. In: Handbuch Regionalbanken. Edited by B. Schäfer. 2nd ed., Wiesbaden, 79–97.  Google Scholar
  40. Kosk, E./Lepik, P. (2009): Estonia. In: Corporate business forms in Europe: A compendium of public and private limited companies in Europe. Edited by F. Dornseifer. 107–168.  Google Scholar
  41. Kyrris, K. P. (1985): History of Cyprus. With an introduction to the geography of Cyprus. Nicosia.  Google Scholar
  42. Latvia central banker Rimševics ‘targeted by disinformation’ (2018): www.bbc.com/news/world-europe-43135939 (accessed on May 5, 2019).  Google Scholar
  43. Luminor (2017): Luminor Bank AS. Consolidated annual report. www.luminor.lv/sites/default/files/docs/finansu_parskati/luminor-lv-annual-report-2017-en.pdf. (accessed on August 4, 2019).  Google Scholar
  44. Mangion, Ch. (2014): Mintoff’s forcible take-over violated National Bank shareholders’ rights. Malta Today dated 6 February 2014. www.maltatoday.com.mt/news/court_and_police/35759/mintoff-s-forcible-take-over-violated-national-bank-shareholders-rights-20140206 (accessed on July 17, 2019).  Google Scholar
  45. Manison, L. G. (2018): The Hellenic Bank-Cyprus Cooperative Bank deal. www.stockwatch.com.cy/el/blog/685933-hellenic-bank-cyprus-cooperative-bank-deal. (accessed on August 11, 2019).  Google Scholar
  46. Meyers (1992): Meyers grosses Taschenlexikon in 24 Bänden. 4th ed., Mannheim et al.  Google Scholar
  47. MFSA, Malta Financial Services Authority (2019): www.mfsa.com.mt/financial-services-register. (accessed on June 13, 2019).  Google Scholar
  48. Mordrelle, E. (2018): Vekselberg nimmt auch Julius Bär ins Visier. Finanz und Wirtschaft dated 28 May 2018. www.fuw.ch.  Google Scholar
  49. Nasdaq Baltic: Baltic equity list. www.nasdaqbaltic.com/market/?pg=mainlist. (accessed on August 4, 2019).  Google Scholar
  50. National Bank case: Court finds shareholders’ human rights were breached (2014): Times of Malta dated 9 January 2014. timesofmalta.com/articles/view/nationalbank.502022#.UtVyXPRDuSo. (accessed on July 17, 2019).  Google Scholar
  51. Nolte, B./Nolting, R.-D./Sarau, P. (2004): Asset Allocation. Das Beispiel des norwegischen Petroleumfonds. Bank-Archiv, vol. 52, 253–260.  Google Scholar
  52. Nordea’s sale of Luminor Bank to Blackstone delayed (2019): www.reuters.com/article/nordea-bnk-results-luminor/nordeas-sale-of-luminor-bank-to-blackstone-delayed-idUSL5N22C1PI. (accessed on May 5, 2019).  Google Scholar
  53. Phylaktis, K. (1995): The banking system of Cyprus. Past, present, future. London.  Google Scholar
  54. Plickert, Ph. (2018a): Finanzkrimi im Baltikum. Korruption und Geldwäsche. Frankfurter Allgemeine Zeitung dated 21 June 2018. www.faz.net/aktuell/wirtschaft/mehr-wirtschaft/korruption-und-geldwaesche-in-lettland-15648466.html. (accessed on May 5 2019).  Google Scholar
  55. Plickert, Ph. (2018b): Der mysteriöse Krimi um den Notenbankchef. Frankfurter Allgemeine Zeitung dated 20 February 2018. www.faz.net/aktuell/wirtschaft/ilmars-rimcevics-weist-alle-vorwuerfe-zurueck-15459125.html. (accessed on May 5, 2019).  Google Scholar
  56. Plickert, Ph. (2019): Neue Wendung im lettischen Finanzkrimi. Frankfurter Allgemeine Zeitung dated 26 February 2019. www.faz.net/aktuell/wirtschaft/neue-wendung-im-lettischen-finanzkrimi-16061370.html. (accessed on May 5, 2019).  Google Scholar
  57. Reuters (2018): Nordea, DNB sell Baltic bank stake to Blackstone in $1.2 billion deal. https://www.reuters.com/article/us-blackstone-group-m-a-nordea-bank-dnb/nordea-dnb-sell-baltic-bank-stake-to-blackstone-in-12-billion-deal-idUSKCN1LT0KL. (accessed on August 14, 2019).  Google Scholar
  58. Reuters (2019): Nordea’s sale of Luminor Bank to Blackstone delayed. https://www.reuters.com/article/nordea-bnk-results-luminor/nordeas-sale-of-luminor-bank-to-blackstone-delayed-idUSL5N22C1PI. (accessed on August 14, 2019).  Google Scholar
  59. Rizzo-Farrugia (2019): Bank of Valletta plc. rizzofarrugia.com/security-quotes/equities/c1100e/. (accessed on July 27, 2019).  Google Scholar
  60. Rudolf, U. J./Berg, W. G. (2010): Historical Dictionary of Malta. 2nd ed., Lanham et al.  Google Scholar
  61. Schramm, M./Hansmeyer, E. (2011): Transaktionen erfolgreich managen. Ein M&A-Handbuch für die Praxis. Munich.  Google Scholar
  62. SEB (2000): Cash offer by Skandinaviska Enskilda Banken AB (publ) for the whole of the issued share capital of AS Eesti Ühispank. Tallinn.  Google Scholar
  63. SEB (2018): Annual report 2018. sebgroup.com/siteassets/investor_relations1/annual_reports/annual_report_2018.pdf. (accessed on July 22, 2019).  Google Scholar
  64. SEB AB: Our history. https://sebgroup.com/about-seb/who-we-are/our-history. [23 July 2019].  Google Scholar
  65. Sheth, S. (2018): The 3 biggest names on the latest Russia sanctions list have all popped up in the investigation surrounding Trump. Business Insider dated 6 April 2018. www.businessinsider.de.  Google Scholar
  66. Sõrg, M./Uiboupin, J. (2001): Internationalisation and entry of foreign banks into Estonian market. In: Estonia on the threshold of the European Union. Financial sector and enterprise restructuring in the changing economic environment. Edited by V. Vensel/C. Wihlborg. Tallinn, 45–70.  Google Scholar
  67. Steuer, H. (2019): Lettische PNB Banka muss schließen. “Handelsblatt” v. 16.8.2019. https://pnbbanka.eu/en/pnb/about_bank/news/insolvency-process-started-18092019.  Google Scholar
  68. Swedbank (2018): 2018. Annual and sustainability report. online.swedbank.se/ConditionsEarchive/download?bankid=1111&id=WEBDOC-PRODE29146126. (accessed on July 20, 2019).  Google Scholar
  69. Swedbank (2019): Swedbanks shareholders. www.swedbank.com/investor-relations/the-share/shareholders.html. (accessed on July 21, 2019).  Google Scholar
  70. SWFI (2019): What is a SWF? www.swfinstitute.org/sovereign-wealth-fund. (accessed on February 4, 2019).  Google Scholar
  71. The Economist (2017): Democracy index 2017. Free speech under attack. pages.eiu.com/rs/753-RIQ-438/images/Democracy_Index_2017.pdf. (accessed on February 5, 2019).  Google Scholar
  72. TheCityUK (2015): UK, the leading western centre for sovereign wealth funds. www.thecityuk.com/assets/2015/Reports-PDF/9812c8ec8e/Sovereign-Wealth-Funds-2015.pdf. (accessed on February 1, 2019).  Google Scholar
  73. Theodore, J./Theodore, J. (2015): Cyprus and the financial crisis. The controversial bailout and what it means for the Eurozone. Basingstoke.  Google Scholar
  74. Walter, T. (2001): SEB bergen Kurschancen Fragezeichen Fusion. Finanz und Wirtschaft dated 19 September 2001. www.fuw.ch/article/seb-bergen-kurschancen-fragezeichen-fusion. (accessed on August 9, 2019).  Google Scholar
  75. Weber, M. (1980): Wirtschaft und Gesellschaft. Grundriss der verstehenden Soziologie. 5th ed., Tübingen.  Google Scholar
  76. Wink, St. (2014): Management/Employee buy out: Gestaltungsmöglichkeiten unter Berücksichtigung von Pensionsverpflichtungen. Hamburg.  Google Scholar
  77. ABLV (2018): Voluntary liquidation of ABLV bank. Riga, 12 June 2018. www.ablv.com/en/legal-latest-news/ablv-bank-self-liquidation (accessed on May 5, 2019).  Google Scholar
  78. Ådahl, M. (2002): Banking in the Baltics – the development of the banking systems of Estonia, Latvia and Lithuania since independence. The Internationalization of Baltic Banking (1998–2002). In: Focus on transition 2/2002. Published by Austrian National Bank. Vienna, 107–131.  Google Scholar
  79. AHK (2019): Baltenstaaten mit EU-weit größtem Wachstum im vierten Quartal 2018. www.ahk-balt.org/news/news-details/baltenstaaten-mit-eu-weit-groesstem-wachstum-im-vierten-quartal-2018. (accessed on August 11, 2019).  Google Scholar
  80. Albert, H. (1955): Macht und Zurechnung. Schmollers Jahrbuch 75. Berlin, 57–85.  Google Scholar
  81. Alecta: This is Alecta. www.alecta.se/en/in-english/about-alecta/this-is-alecta/#taking-responsibility-for-the-future-since-1917. (accessed on July 23, 2019).  Google Scholar
  82. Austrian National Bank (2019): Aussenwirtschaft. www.oenb.at/Statistik/Standardisierte-Tabellen/auszenwirtschaft.html. (accessed on February 4, 2019).  Google Scholar
  83. Bank of Cyprus (2019): Shareholder Structure. https://www.bankofcyprus.com/en-GB/investor-relations-new/shareholder-information/shareholder-structure/. (accessed on July 27, 2019).  Google Scholar
  84. Bank of Valletta (2019): Changes in share capital. Since listing on the Malta Stock Exchange. www.bov.com/documents/bov-changes-in-share-capital. (accessed on August 6, 2019).  Google Scholar
  85. Blackstone (2018): Blackstone to acquire €1 billion majority stake in Luminor through a corporate partnership. china.blackstone.com/media/press-releases/article/blackstone-to-acquire-1-billion-majority-stake-in-luminor-through-a-corporate-partnership. (accessed on July 21, 2019).  Google Scholar
  86. Blisse, H. (2015): Genossenschaftliche und staatliche Vermögensfonds – Drei europäische Beispiele solidarischer (Alters-) Vorsorge. In: Perspektiven für die Genossenschaftsidee. Edited by J. Brazda/R. van Husen/D. Rössl. Bremen, 181–190.  Google Scholar
  87. Bloomberg (2019): Bank of Cyprus Holdings PLC. www.bloomberg.com/quote/BOCH:LN. (accessed on August 14, 2019).  Google Scholar
  88. BMI, German Federal Ministry of the Interior (2009): Nationale Strategie zum Schutz Kritischer Infrastrukturen (KRITIS-Strategie). Berlin.  Google Scholar
  89. Brächer, M. (2018): So leiden schweizer Firmen unter den Russland-Sanktionen. Handelsblatt dated 11 April 2018. www.handelsblatt.com.  Google Scholar
  90. Bundeszentrale, German Federal Agency for Civic Education (2017): Aktionärsstruktur von DAX-Unternehmen. www.bpb.de/nachschlagen/zahlen-und-fakten/globalisierung/52596/aktionaers-struktur-dax. (accessed on August 6, 2019).  Google Scholar
  91. Central Bank of Cyprus (2019): www.centralbank.cy/en/licensing-supervision/banks/register-of-credit-institutions-operating-in-cyprus. (accessed on June 13, 2019).  Google Scholar
  92. Consiglio, J. A. (2006): A history of banking in Malta. Valletta.  Google Scholar
  93. Demetriades, P. (2017): A diary of the Euro crisis in Cyprus. Lessons for bank recovery and resolution. Cham.  Google Scholar
  94. Deppe, H.-D. (1989): Finanzielle Haftung heute – Obsoletes Relikt oder marktwirtschaftliche Fundamentalleistung? In: Geldwirtschaft und Rechnungswesen. Edited by H.-D. Deppe. Göttingen, 199–228.  Google Scholar
  95. EBRD (2019): Shareholders and Board of Governors. www.ebrd.com/shareholders-and-board-of-governors.html. (accessed on July 27, 2019).  Google Scholar
  96. EBRD (2019a): What We Do. www.ebrd.com/what-we-do.html. (accessed on July 27, 2019).  Google Scholar
  97. ECB (2019): List of supervised entities, 1 March 2019. www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities20190301.en.pdf. (accessed on May 5, 2019).  Google Scholar
  98. European Commission (2019): Case M.9135. The Blackstone Group/Luminor Bank. https://ec.europa.eu/competition/mergers/cases/decisions/m9135_97_3.pdf.  Google Scholar
  99. Eurostat (2019): GDP and main components (output, expenditure and income). http://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=nama_10_gdp&lang=en. (accessed on June 18, 2019).  Google Scholar
  100. EZB kontrolliert künftig lettisches Bankhaus PNB Banka (2019): Handelsblatt dated 5 May 2019. www.handelsblatt.com/finanzen/banken-versicherungen/bankenkontrolle-ezb-kontrolliert-kuenftig-lettisches-bankhaus-pnb-banka/24090678.html?ticket=ST-1204244-0kEXTITcTv5eD1EiW3lD-ap5. (accessed on May 5, 2019).  Google Scholar
  101. Frendo, H. (2002): Ports, ships and money: The origins of corporate banking in Valletta. Journal of Mediterranean Studies, vol. 12, 327–350.  Google Scholar
  102. FSB (2018): List of global systemically important banks (G-SIBs). www.fsb.org/wp-content/uploads/P161118-1.pdf. (accessed on July 3, 2019).  Google Scholar
  103. Gini, C. (1938): “Trade follows the flag”. Weltwirtschaftliches Archiv, vol. 47, pp. 181–227.  Google Scholar
  104. Hellenic Bank (2019): Our history 2018. www.hellenicbank.com/portalserver/hb-en-portal/en/about-us/who-we-are/overview/our-history. (accessed on August 11, 2019).  Google Scholar
  105. Investor AB: Investor’s History. https://www.investorab.com/about-investor/investor-s-history/1916-1929/. (accessed on July 23, 2019).  Google Scholar
  106. Joint bank of DNB: Nordea to be headquartered in Estonia (2019): news. postimees.ee/3813175/joint-bank-of-dnb-nordea-to-be-headquartered-in-estonia. (accessed on May 5, 2019).  Google Scholar
  107. Kleanthouse, A./Hadjimanolis, A. (2016): Co-operative credit institutions in Cyprus. In: Credit cooperative institutions in European countries. E S. Karafolas. Berlin et al., 19–41.  Google Scholar
  108. Köbeli, P. (2017): Staatsfonds als Investoren: Anforderung an Zweck und Organisation. St. Gallen. www1.unisg.ch/www/edis.nsf/SysLkpByIdentifier/4669/$FILE/dis4669.pdf.  Google Scholar
  109. Körnert, J. (2002): Die Bankenkrisen in Nordeuropa zu Beginn der 1990er Jahre: Eine Sequenz aus Deregulierung, Krise und Staatseingriff in Norwegen, Schweden und Finnland. Kredit und Kapital, vol. 35, 280–314.  Google Scholar
  110. Körnert, J. (2012): Swedish cooperative banking in the 1990s: a decade of crisis and transition. In: Raiffeisen’s footprint. The cooperative way of banking. Edited by J. Mooij/W. W. Boonstra. Amsterdam, 217–230 and 303–306.  Google Scholar
  111. Körnert, J. (2019): Auslandsbanken in den Bankensystemen des Baltikums – Nationalstaatliche Marktanteile, europäische Machtpotenziale und Aussenwirtschaftsrecht. In: Recht trifft Wirtschaft. Edited by J. Körnert/J. Lege/K. Grube. Berlin, 113–146.  Google Scholar
  112. Körnert, J./Junghanns, Th. (2019a): Einflusspotentiale von Staatsfonds auf die Bankensysteme Maltas und Zyperns. Bank-Archiv, vol. 67, 656–662.  Google Scholar
  113. Körnert, J./Junghanns, Th. (2019b): Staatliche Investitionen. Die Gefahren von Staatsfonds. Katapult, vol. 14, 78–81.  Google Scholar
  114. Körnert, J./Romanova, I. (2014): Entwicklungen im Bankensystem Lettlands seit 1991. Bank-Archiv, vol. 62, 237–245.  Google Scholar
  115. Körnert, J./Rossaro, F. (2007): Italiens Genossenschaftsbanken im Spannungsfeld aus genossenschaftlichem Prinzip und Rechtsformwahl. In: Handbuch Regionalbanken. Edited by B. Schäfer. 2nd ed., Wiesbaden, 79–97.  Google Scholar
  116. Kosk, E./Lepik, P. (2009): Estonia. In: Corporate business forms in Europe: A compendium of public and private limited companies in Europe. Edited by F. Dornseifer. 107–168.  Google Scholar
  117. Kyrris, K. P. (1985): History of Cyprus. With an introduction to the geography of Cyprus. Nicosia.  Google Scholar
  118. Latvia central banker Rimševics ‘targeted by disinformation’ (2018): www.bbc.com/news/world-europe-43135939 (accessed on May 5, 2019).  Google Scholar
  119. Luminor (2017): Luminor Bank AS. Consolidated annual report. www.luminor.lv/sites/default/files/docs/finansu_parskati/luminor-lv-annual-report-2017-en.pdf. (accessed on August 4, 2019).  Google Scholar
  120. Mangion, Ch. (2014): Mintoff’s forcible take-over violated National Bank shareholders’ rights. Malta Today dated 6 February 2014. www.maltatoday.com.mt/news/court_and_police/35759/mintoff-s-forcible-take-over-violated-national-bank-shareholders-rights-20140206 (accessed on July 17, 2019).  Google Scholar
  121. Manison, L. G. (2018): The Hellenic Bank-Cyprus Cooperative Bank deal. www.stockwatch.com.cy/el/blog/685933-hellenic-bank-cyprus-cooperative-bank-deal. (accessed on August 11, 2019).  Google Scholar
  122. Meyers (1992): Meyers grosses Taschenlexikon in 24 Bänden. 4th ed., Mannheim et al.  Google Scholar
  123. MFSA, Malta Financial Services Authority (2019): www.mfsa.com.mt/financial-services-register. (accessed on June 13, 2019).  Google Scholar
  124. Mordrelle, E. (2018): Vekselberg nimmt auch Julius Bär ins Visier. Finanz und Wirtschaft dated 28 May 2018. www.fuw.ch.  Google Scholar
  125. Nasdaq Baltic: Baltic equity list. www.nasdaqbaltic.com/market/?pg=mainlist. (accessed on August 4, 2019).  Google Scholar
  126. National Bank case: Court finds shareholders’ human rights were breached (2014): Times of Malta dated 9 January 2014. timesofmalta.com/articles/view/nationalbank.502022#.UtVyXPRDuSo. (accessed on July 17, 2019).  Google Scholar
  127. Nolte, B./Nolting, R.-D./Sarau, P. (2004): Asset Allocation. Das Beispiel des norwegischen Petroleumfonds. Bank-Archiv, vol. 52, 253–260.  Google Scholar
  128. Nordea’s sale of Luminor Bank to Blackstone delayed (2019): www.reuters.com/article/nordea-bnk-results-luminor/nordeas-sale-of-luminor-bank-to-blackstone-delayed-idUSL5N22C1PI. (accessed on May 5, 2019).  Google Scholar
  129. Phylaktis, K. (1995): The banking system of Cyprus. Past, present, future. London.  Google Scholar
  130. Plickert, Ph. (2018a): Finanzkrimi im Baltikum. Korruption und Geldwäsche. Frankfurter Allgemeine Zeitung dated 21 June 2018. www.faz.net/aktuell/wirtschaft/mehr-wirtschaft/korruption-und-geldwaesche-in-lettland-15648466.html. (accessed on May 5 2019).  Google Scholar
  131. Plickert, Ph. (2018b): Der mysteriöse Krimi um den Notenbankchef. Frankfurter Allgemeine Zeitung dated 20 February 2018. www.faz.net/aktuell/wirtschaft/ilmars-rimcevics-weist-alle-vorwuerfe-zurueck-15459125.html. (accessed on May 5, 2019).  Google Scholar
  132. Plickert, Ph. (2019): Neue Wendung im lettischen Finanzkrimi. Frankfurter Allgemeine Zeitung dated 26 February 2019. www.faz.net/aktuell/wirtschaft/neue-wendung-im-lettischen-finanzkrimi-16061370.html. (accessed on May 5, 2019).  Google Scholar
  133. Reuters (2018): Nordea, DNB sell Baltic bank stake to Blackstone in $1.2 billion deal. https://www.reuters.com/article/us-blackstone-group-m-a-nordea-bank-dnb/nordea-dnb-sell-baltic-bank-stake-to-blackstone-in-12-billion-deal-idUSKCN1LT0KL. (accessed on August 14, 2019).  Google Scholar
  134. Reuters (2019): Nordea’s sale of Luminor Bank to Blackstone delayed. https://www.reuters.com/article/nordea-bnk-results-luminor/nordeas-sale-of-luminor-bank-to-blackstone-delayed-idUSL5N22C1PI. (accessed on August 14, 2019).  Google Scholar
  135. Rizzo-Farrugia (2019): Bank of Valletta plc. rizzofarrugia.com/security-quotes/equities/c1100e/. (accessed on July 27, 2019).  Google Scholar
  136. Rudolf, U. J./Berg, W. G. (2010): Historical Dictionary of Malta. 2nd ed., Lanham et al.  Google Scholar
  137. Schramm, M./Hansmeyer, E. (2011): Transaktionen erfolgreich managen. Ein M&A-Handbuch für die Praxis. Munich.  Google Scholar
  138. SEB (2000): Cash offer by Skandinaviska Enskilda Banken AB (publ) for the whole of the issued share capital of AS Eesti Ühispank. Tallinn.  Google Scholar
  139. SEB (2018): Annual report 2018. sebgroup.com/siteassets/investor_relations1/annual_reports/annual_report_2018.pdf. (accessed on July 22, 2019).  Google Scholar
  140. SEB AB: Our history. https://sebgroup.com/about-seb/who-we-are/our-history. [23 July 2019].  Google Scholar
  141. Sheth, S. (2018): The 3 biggest names on the latest Russia sanctions list have all popped up in the investigation surrounding Trump. Business Insider dated 6 April 2018. www.businessinsider.de.  Google Scholar
  142. Sõrg, M./Uiboupin, J. (2001): Internationalisation and entry of foreign banks into Estonian market. In: Estonia on the threshold of the European Union. Financial sector and enterprise restructuring in the changing economic environment. Edited by V. Vensel/C. Wihlborg. Tallinn, 45–70.  Google Scholar
  143. Steuer, H. (2019): Lettische PNB Banka muss schließen. “Handelsblatt” v. 16.8.2019. https://pnbbanka.eu/en/pnb/about_bank/news/insolvency-process-started-18092019.  Google Scholar
  144. Swedbank (2018): 2018. Annual and sustainability report. online.swedbank.se/ConditionsEarchive/download?bankid=1111&id=WEBDOC-PRODE29146126. (accessed on July 20, 2019).  Google Scholar
  145. Swedbank (2019): Swedbanks shareholders. www.swedbank.com/investor-relations/the-share/shareholders.html. (accessed on July 21, 2019).  Google Scholar
  146. SWFI (2019): What is a SWF? www.swfinstitute.org/sovereign-wealth-fund. (accessed on February 4, 2019).  Google Scholar
  147. The Economist (2017): Democracy index 2017. Free speech under attack. pages.eiu.com/rs/753-RIQ-438/images/Democracy_Index_2017.pdf. (accessed on February 5, 2019).  Google Scholar
  148. TheCityUK (2015): UK, the leading western centre for sovereign wealth funds. www.thecityuk.com/assets/2015/Reports-PDF/9812c8ec8e/Sovereign-Wealth-Funds-2015.pdf. (accessed on February 1, 2019).  Google Scholar
  149. Theodore, J./Theodore, J. (2015): Cyprus and the financial crisis. The controversial bailout and what it means for the Eurozone. Basingstoke.  Google Scholar
  150. Walter, T. (2001): SEB bergen Kurschancen Fragezeichen Fusion. Finanz und Wirtschaft dated 19 September 2001. www.fuw.ch/article/seb-bergen-kurschancen-fragezeichen-fusion. (accessed on August 9, 2019).  Google Scholar
  151. Weber, M. (1980): Wirtschaft und Gesellschaft. Grundriss der verstehenden Soziologie. 5th ed., Tübingen.  Google Scholar
  152. Wink, St. (2014): Management/Employee buy out: Gestaltungsmöglichkeiten unter Berücksichtigung von Pensionsverpflichtungen. Hamburg.  Google Scholar

Abstract

The financial clout of global sovereign wealth funds (SWFs) is massive, and many of these are controlled by authoritarian regimes. It cannot be ruled out that these funds might take shareholding positions in banks which play key roles in other countries. This paper studies the extent to which SWFs have the potential ability to use shareholdings in critical banks as mechanisms to exert influence on other countries’ banking systems, taking a comparative approach in considering the five smallest EU member states: Malta, Cyprus, Estonia, Latvia and Lithuania. The study concludes that SWFs would, in many cases, need to dedicate only a tiny portion of their assets in order to gain significant potential for influence within these countries.

Table of Contents

Section Title Page Action Price
Jan Körnert / Thomas Junghanns: The Potential for Sovereign Wealth Funds to Exert Influence Through Critical Banks in the Five Smallest EU Member States: An Analysis of Malta, Cyprus, Estonia, Latvia and Lithuania 1
Abstract 1
I. Introduction 1
II. Mechanisms for the Potential Exerciseof Influence by SWFs, Through Critical Infrastructure,and Through Significant and Critical Banks 3
1. Potential Exercise of Influence by SWFs 3
2. Critical Infrastructure 6
3. Significant and Critical Banks 7
III. The Historical Development of Significant Banksin the Five Banking Systems 1
1. The Historical Development of Significant Banks in Malta 1
2. The Historical Development of Significant Banks in Cyprus 1
3. The Historical Development of Significant Banks in the Baltic states 1
IV. Determination of Significant and Critical Banksin the Five Banking Systems 1
1. Determination of Significant and Critical Banksin Malta and Cyprus 1
2. Determination of Significant and Critical Banks in the Baltic States 1
V. Current Shareholdings in Critical Banks Relativeto Financial Power of SWFs 2
1. Malta 2
2. Cyprus 2
3. Estonia 2
4. Latvia 2
5. Lithuania 2
VI. Summary 2
References 3

Contact

Duncker & Humblot GmbH Carl-Heinrich-Becker-Weg 9 12165 Berlin, Deutschland T: +49 30 790006-0

Quick Navigation

2024 Duncker & Humblot GmbH

Powered by CloudPublish

We use cookies to ensure that you get the best experience on our website. Learn more about how we use cookies.