Emili Tortosa Ausina

PRODUCT MIX OF THE SPANISH BANKING FIRMS: DO COMPETITION CLUBS EXIST?

The expansion and intensification of banking competition, which has occurred inSpain during the last ten years, has allowed banks and savings banks to define theircompetitive strategies with more freedom. This paper analyzes the similarities andthe differences in their product mix along with its time evolution. In particular, itattempts to identify the different kinds of firms and, on this ground, to analyze whethercompetition leads to the homogeneization (convergence) of product mixes betweenfirms or groups of firms (clubs). The empirical success is higher when specializationclubs are considered, finding increased heterogeneity within the banking system as awhole but increased homogeneity within certain clusters of banks and savings banks La expansion e intensificacion de la competencia en el sector bancario ocurrida en Espana durante la ultima decada ha permitido a bancos y cajas de ahorro definir sus estrategias competitivas con mayor libertad. Este articulo analiza las similitudes y diferencias en la especializacion de las empresas bancarias y su evolucion temporal. En particular, trata de identificar los distintos tipos de empresas y, a partir de ello, analizar si la competencia esta condicionada o no por grupos (clubes) de competidores con especializaciones similares. Los resultados son superiores cuando se consideran clubes de especializacion, obteniendose heterogeneidad creciente para el conjunto del sistema bancario pero homogeneidad creciente dentro de ciertos grupos de bancos y cajas de ahorro.