US Financial Institutions & the Developing World: Equatorial Guinea as Case Study

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The Future of Financial Institutions:

The New US Bank Company and How Will It Invest in the

Developing World with Equatorial Guinea as Case Study

by

Francisco J. Gonzalez

Required Paper

Banking Law

Prof. L. Bakken

Fall 1999

Hamline University School of Law

St. Paul, Minnesota

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Executive Summary

Introduction

The advance of globalization and the creation of a web of economic

interdependence across the world presents challenges and opportunities for the US

banking industry. One of the effects of these changes is that new markets, those of

developing countries, are opening to the international banking industry. With domestic

deregulation at home and a reduction of protectionist barriers abroad, US banks now have

greater opportunities to expand and grow.

I. US Banks and Financial institutions: An Industry in Transition

A. The Changing Regulatory Landscape

The steady erosion of the strict regulatory scheme of the Glass-Steagall Act came to an

end on Nov. 12, 1999 with the enactment of the Financial Services Modernization Act.

The creation of financial holding companies, offering traditional banking services, plus

securities, other financial services and in some cases insurance products; represent a

drastic departure on US regulation and are similar to the traditional services offered by

European banks.

B. Market Forces: Driving the Change

The changes in regulations and on services demanded by consumers play a part in the

trend towards mergers and alliances between financial institutions. Recent mergers have

created large banking groups and holding companies that tend to dominate sections of the

market.

C. International Financial Services in Developing Economies

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The role of providing capital for the developing world is now shifting to investments in

private companies instead of the financing of governments. This enhances the

opportunities for both local and foreign companies to invest and succeed in emerging

markets.

II. Case Study: International Financial Services in Equatorial Guinea

The African country of Equatorial Guinea is wealthy in natural resources but lacks

infrastructure, adequate local sources of capital, and a developed financial services

system.

The economic growth of this nation is stifled by the lack capital. US banks,

operating in the comparatively liberalized and deregulated economies of both countries,

can provide all the services that Equatorial Guinea needs in order to develop its resources

and its economy.

III. Conclusion

Changes in technology, deregulation, breaking down of political and protectionist

barriers, and the increased interdependence between nations and economies, all translate

into a future of growth for US banks and financial institutions in the next century.

Appendix I

Compendium of facts and figures about Equatorial Guinea used to create the

development model discussed in the case study. (Source: Central Intelligence Agencys

World Factbook, 2009 edition [updated from original paper]).

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Introduction

One of the most important economic changes of the last decades of the twentieth

century is the impetus of economic globalization, that is, the creation of complex ties of

economic interdependence reaching into the farthest corners of the world. The collapse of

the Soviet bloc and the end of the Cold War accelerated this process during the 1990s,

and other political events helped overturn barriers for the unfettered exchange of goods

and services across borders. With the elimination of political, regulatory and protectionist

walls, the stage is set for a period of intense competition between those businesses

seeking to expand into these new markets. This is the environment upon which the

banking and financial services industry will be operating in the future.

Besides the opportunities for growth that these emerging markets represent, the

banking and financial services industry has also undergone substantial transformations. In

the United States, the most dramatic change in this regard was the enactment of the

Financial Services Modernization Act, which includes among its provisions the

elimination of restrictions against banks and securities firms becoming affiliated with one

another. Furthermore, the restructuring of the industry has accelerated the rate and

magnitude of mergers among banks, and also raised concerns among regulating agencies

about the power and accountability, to consumers and governments, of large banks.

This paper will analyze the impact that these changes and industry trends have on

developing nations. To accomplish this, I will first present an overview of the regulatory

and marketplace forces driving banking reform in the US, and how this would position

US banks in relation to its international competitors. Second, to illustrate the interrelation

between international banking and economic well-being in developing countries, a case

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study of the economic situation of the African country of Equatorial Guinea will be

presented, emphasizing the role that overseas capital investment plays in the overall

political, social and economic development of this small nation.

I will conclude by considering several scenarios of the future shape and role of

US banking institutions engaged in providing financial services to the developing world.

The fact is that the strength and dominance of US banks would determine the quality of

life for millions of people across the world, and the impact of the decisions made by these

banks will be felt for decades to come.

I. US Banks and Financial Institutions: An Industry in Transition

A. The Changing Regulatory Landscape

Since the Crash of 1929 and the ensuing Great Depression, US banks and

financial institutions have been tightly regulated by a series of federal acts, designed to

protect the funds of depositors and investors.1 Regarding the type and scope of services

that financial institutions could offer, the most important of these legislative enactments

was the Glass-Steagall Act of 1933.2 The act required the separation of commercial and

investment banking; in addition, securities firms could not engage in or be affiliated with

depository transactions, and banks members of the Federal Reserve system could not be

affiliated with firms primarily engaged in the field of securities brokerage.3

1 On his 1933 inaugural address Pres. Franklin D. Roosevelt, suggesting that banks were responsible for theDepression, stated that [p]ractices of the unscrupulous money changers stand indicted in the court ofpublic opinion. . . Howell E. Jackson & Edward L. Symons, Jr., Regulation of Financial Institutions 43-44(West Group Pub. 1999).2 12 U.S.C. 16, 20-21, 32 (1999).3 Jackson & Symons,supra note 1, at 43.

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On the other hand, regulation of the insurance industry was primarily undertaken

by the states, with the federal government expressly declining to assume responsibility.4

The ensuing regulation by the states varies in detail and substance from each other.

However, regarding regulations relevant to the topic of this paper, there is some general

agreement: prohibition from engaging in other types of businesses not reasonably related

to the insurance area, although with some exceptions.5

However, the regulatory framework for financial institutions had undergone

changes due to market pressures, regulation interpretations from industry-friendly

regulators, and judicial decisions.

6

The consequence of these developments is the de

facto disintegration of the Glass-Steagall and the resulting needs to enact a new

regulatory framework.7 The final blow to the old order came on Nov. 1 2, 1999, when

President Clinton signed into law the Financial Services Modernization Act (FSMA).8

The FSMA repeals restrictions on banks affiliating with securities firms; allows

the creation of financial holding companies, authorized to engage in a series of

financial activities such as insurance and securities underwriting, merchant banking and

insurance portfolio investment activities; and allows nationally-chartered banks to sell

and underwrite title insurance under the same conditions as State-chartered banks.9

The FSMA, which now allows US banks additional freedom and flexibility to

compete in the international and domestic markets, will undoubtedly require regular

4 The McCarran-Ferguson Act of 1945 states that Congress declares that the continued regulationby the

several States of the business of insurance is in the public interest See 15 U.S.C. 1021 et seq. (1999).5See Spencer L. Kimball & Werner Pfeningstorf, The Regulation of Insurance Companies in the US andthe European Communities 23-42 (1981).6 Jennifer Manvell Jeannot, An International Perspective on Domestic Banking Reform: Could the

European Unions Second Banking Directive Revolutionize the Way the United States Regulates its Own

Financial services Today? , 14 Am. U. Intl L. Rev 1715, 1726-1730 (1999).7 Id. at 1729-1730.8 S. 900, 105th Cong.9 US Senate Banking Committee,Financial Services Modernization Act, Summary of Provisions, (visitedNov. 13, 1999)

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amending and updates in the future in order to cope with the changing dynamics of the

financial services industry.

B. Market Forces: Driving the Change

The regulatory modernization, as well as the trends towards mergers, expanding

services and adoption of new technologies are all, ultimately, responses to changes in the

markets created by increased competition among financial institutions, evolving

consumers needs, and the effects of globalization. According to a study by the World

Trade Organization (WTO), the growth and change among the international financial

sector activities is due to several factors:

[f]irst, technological progress has increased the scope of financial servicestradewith the advent ofelectronic data processing, improved computertechnology, automatic teller machines, telebanking[and] Internet-basedbanking services; [s]econdly, the opening of transitional economies in Europe andAsia[t]hird, liberalization of financial services trade and globalization havemutually reinforced each other as increased competition has forced companiesto seek cheaper and better ways to finance their activities. The NAFTAsignatories [US, Canada and Mexico] and the European Union, in particular, havegone a long way towards reducing trade barriers in this sector.10

The principal adaptive strategy followed by financial institutions in order to better

compete in this brave new world is the merger. The banking sector in particular has seen

a great number of mergers (often the result of hostile takeovers). An extreme example of

this tendency was the rise, in August of 1999, of the worlds biggest banking group with

the formation by Japans three largest banks of a joint holding company.11

Financial institutions in Europe have also followed suit. For example, active

negotiations for mergers are taking place between Germanys Deutsche Bank and

10 Masamichi Kono et al., World Trade Organization, Opening Markets in Financial Services and the Roleof the GATS, 10-13 (1997).11Sumo-sized bank created, CNNfn- Aug. 20, 1999 (visited Aug. 24, 1999)

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Dresdner Bank12. In the United Kingdom, the Royal Bank of Scotland and the Bank of

Scotland are engaged in a bidding war in order to acquire National Westminster Bank.13

Traditionally enjoying much less regulation than their US counterparts, European

financial institutions (operating under the universal banking model) are taking the lead

in many areas of the field.14

In the US, banks and securities firms are also consolidating operations, including

mergers with foreign companies. Among the agreements recently concluded is the

merging of CIT-Group with Canadas Newcourt Credit Group, positioning the new

company as the largest publicly held commercial finance company in North America.

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Securities companies are also part of this trend, with Knight/Trimark Group, the biggest

middleman for US share trading, purchasing Arbitrage Holdings, a Minnesota-based

options market maker.16

C. International Financial Services in Developing Economies

The effects of deregulation and restructuring in the European Union, Japan and

the US have had an impact in the developing world, presenting both problems and

opportunities. This evolving relationship is characterized by increases not only on the

flow of capital but also on its nature and composition. In some regions of the world,

foreign direct investment and foreign portfolio equity investment have dramatically

12German banks to merge retail operations, CNNfn-Aug. 21, 1999 (visited Aug. 24, 1999)13RBS bids $42 for NatWest, CNNfn- Nov. 29, 1999 (visited Nov. 29, 1999) 14 Manvell Jaenot,supra note 6, at 1733-1734. Following a long period of deregulation and harmonizationof its financial services industry, the European Union adopted in 1989 its Second Banking Directive withthe key goals of eliminating the remaining obstacles to the free establishment of bank branches andfostering complete liberty to provide financial services throughout the EU. Id.15CIT, Newcourt deal done. CNNfn- Oct. 26, 1999 (visited Oct. 27, 1999) 16Knight to buy Arbitrade, CNNfn- Nov. 18, 1999 (visited Nov. 20, 1999)

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increased while commercial bank and official government loans have declined.17 Some

of the developments that assisted in establishing these new trends are: reliance on private

as opposed to public sector investment; privatization of state enterprises; deregulation at

the domestic and international levels; liberalization of financial sectors world wide; and

the general liberalization of trade and increased access to technology and know-how.18

The greater role that developing nations assign to private investment capital has

required substantial internal reforms in order to entice such investment.19 Conversely, the

financial services industry has taken steps to tailor their services to the specific needs of

their customers in these emerging markets.

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II. Case Study: International Financial Services in Equatorial Guinea

One of the most interesting examples of the effects of globalization and the

impact of international financial services can be found in the nation of Equatorial Guinea.

This small country, located in central West Africa, is now, after decades of economic

decline and political instability, enjoying the attention of the world due to its newly-

discovered oil reserves.21 To help develop its oil and other natural resources,

and to make the necessary improvements to the nations infrastructure, foreign capital

investment is needed. The Equatoguinean government reformed its investment laws in

1993 in order to attract foreign capital, offering tax and regulatory excemptions, and

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Samuel Kern Alexander, Structure of World Order: Current Issues in Multinational Financing, 89 Am.Socy IntL L. Proc. 19 (1995).18 Id.19 SeeIndia OKs intl venture: Parliament approves bill allowing insurance-company joint venturesCNNfn- Dec. 3, 1999 (visited Dec. 3, 1999) (India to allow joint ventures betweeninternational and Indian insurance companies).20Islamic fund to launch: Commerzbank to debut Islamic mutual fund in January, CNNfn- Nov. 30, 1999(visited Dec. 3, 1999) (German bank to offer mutual fund that invest only on Islam-approved companies, in order to attract customers from the Middle East, Asia & Africa).21 For an overview of Equatorial Guineas vital statistics,see Appendix I.

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providing for a variety of incentives to companies that invest in certain industries and

promote Equatoguinean participation in the business venture.22Several major foreign

companies from the US and Spain (Equatorial Guineas former colonial administrator)

are already established in the country.23

In the past, the lack of indigenous financial institutions have hampered the

development of the country. In 1984 Equatorial Guinea joined the Communaute

Financiere Africaine (CFA, an economic and trade organization of African countries),

and adopted the CFA franc as its currency.24 While the use of the common currency and

financial arrangements with other CFA members have provided benefits, problems have

also surfaced. Speculative capital investors, generally from other African countries, are

mostly concerned with selling non-African imports at the local market, and repatriate the

resulting profits; strategic capital, mostly from European investors, is used to finance

very specific sectors (telecommunications, airports and foreign-owned banks), without

providing credit for local small- or medium-sized businesses.25

The undercapitalization of the Equatoguniean economy, the great potential for

increased wealth-generation in the country once its oil and natural resources are fully

developed, the liberalization of local banking and investment regulations, and the relative

stability of the CFA franc, all combine to present US banks and the new financial

22 Equatorial Guinea Official Internet Page,Investment System in the Republic of Equatorial Guinea,(visited on Nov. 15, 1999) 23

U.S. companies now present in the country include: Mobil Oil Corporation, United MeridianCorporation/Ocean Energy, CMS Nomeco, Samedan Oil, Axem Resources, Walter International, Inc.,Globex, MOE Oil & Gas, Oceaneering, the Howell Group, Dolan International, Frederic R. Harris, Tritonand Raytheon. Spanish companies now present in the country include: Escuder y Galina (construction),Comercial Santi (warehouses), Imprentas Servel (graphic design), Casa Mayo (cacao production), Besora(shipping), Bisa and ABM (timber). U.S. companies have already invested millions of dollars in projects inEquatorial Guinea. Mobil Corporation and the United Meridian Corporation have invested more than $250million and will have numerous American citizens in residence by the end of 1998. Id.24 Ibrahim K. Sundiata, Equatorial Guinea 99 (Westview Press, 1990).25 Id. at 99-100.

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3) Long-term Phase : Once a higher level of economic development is achieved,

the role of government participating directly in the exploitation of resources

and the creation of wealth should diminish. This would then open the door for

private Equatoguineans, facilitated by the US bank, to acquire interests in

major businesses (such as utilities, oil refineries, and shipping) and also in the

development of agriculture and real estate. Another area of possible expansion

in this phase of the development of the nation would be to collaborate with the

government and with local and foreign companies doing business in

Equatorial Guinea, for the creation of a national stock exchange, to increase

the flow of investment capital into the local economy.

The optimum result of these initiatives would be to generate self-sustaining and

continuous economic growth in the country, with locally-produced capital reinvested into

the national economy. The role of the international banks would have to adapt to the

changing needs of the country, offering more and innovative services at lower cost.

III. Conclusion

This paper has explored the transformation of the US financial services industry

under the forces of competition, customer needs, technology, deregulation, and the

opening of new markets overseas. The vital role played by all financial institutions

(banks, securities firms, insurance companies, financial holdings, etc.) in the growth of

the economies of developing countries cannot be overstated. This fact was recognized by

the heads of the International Monetary Fund (IMF), the World Bank and the World Trade

Organization (WTO) in a recent joint statement that stated: [the major economic powers

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should] contribute to the efforts by ensuring an adequate flow of financial resources to

developing countries to allow their economic and social development programs to be

tackled comprehensively.26

The future appears promising for the US banking industry, thanks to the

preeminent position of our nation in terms of sheer economic activity, investment capital

availability, sophisticated technology and a popular culture that values, and is a consumer

of, financial services. The international and domestic trends already examined indicate

that US banks will continue to grow in size and scope, and that the Internet and other

technological advances will play an ever-more important part in shaping the way

consumers access financial services.

In many respects, the future is already here, and for those companies willing and

flexible enough to embrace change, the future will indeed look bright.

Appendix I

Equatorial Guinea

Facts and Figures

26 International Monetary Fund, News Brief,Joint Statement by the Heads of the IMF, the World Bank, andthe WTO, Nov. 30, 1999 (visited Dec. 4, 19999)

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Africa:: Equatorial Guinea

page last updated on July 30, 2009

Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule. This tinycountry, composed of a mainland portion plus five inhabited islands, is one of thesmallest on the African continent. President Teodoro OBIANG NGUEMA MBASOGOhas ruled the country since 1979 when he seized power in a coup. Although nominally aconstitutional democracy since 1991, the 1996 and 2002 presidential elections - as well asthe 1999 and 2004 legislative elections - were widely seen as flawed. The president exertsalmost total control over the political system and has discouraged political opposition.Equatorial Guinea has experienced rapid economic growth due to the discovery of largeoffshore oil reserves, and in the last decade has become Sub-Saharan Africa's third largestoil exporter. Despite the country's economic windfall from oil production resulting in amassive increase in government revenue in recent years, there have been few

improvements in the population's living standards

Natural resources:petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay

Economy - overview:The discovery and exploitation of large oil reserves have contributed to dramaticeconomic growth in recent years. Forestry, farming, and fishing are also majorcomponents of GDP. Subsistence farming predominates. Although pre-independenceEquatorial Guinea counted on cocoa production for hard currency earnings, the neglect ofthe rural economy under successive regimes has diminished potential for agriculture-ledgrowth (the government has stated its intention to reinvest some oil revenue intoagriculture). A number of aid programs sponsored by the World Bank and the IMF have

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https://www.cia.gov/library/publications/the-world-factbook/region/region_afr.htmlhttps://www.cia.gov/library/publications/the-world-factbook/maps/ek_largelocator_template.htmlhttps://www.cia.gov/library/publications/the-world-factbook/region/region_afr.html


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been cut off since 1993, because of corruption and mismanagement. No longer eligiblefor concessional financing because of large oil revenues, the government has been tryingto agree on a "shadow" fiscal management program with the World Bank and IMF.Government officials and their family members own most businesses. Undevelopednatural resources include titanium, iron ore, manganese, uranium, and alluvial gold.

Growth remained strong in 2008, led by oil.

GDP (purchasing power parity):$19.37 billion (2008 est.)country comparison to the world: 123$17.42 billion (2007)$15.91 billion (2006)note: data are in 2008 US dollars

GDP (official exchange rate):$20.16 billion (2008 est.)

GDP - real growth rate:11.2% (2008 est.)country comparison to the world: 49.5% (2007 est.)-1.9% (2006 est.)

GDP - per capita (PPP):$31,400 (2008 est.)country comparison to the world: 41$29,000 (2007 est.)$27,300 (2006 est.)note: data are in 2008 US dollars

GDP - composition by sector:agriculture: 2.7%industry: 92.6%services: 4.6% (2008 est.)

Labor force:NA

Unemployment rate:30% (1998 est.)country comparison to the world: 181

Population below poverty line:NA%

Household income or consumption by percentage share:

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lowest 10%: NA%highest 10%: NA%

Investment (gross fixed):30% of GDP (2008 est.)

country comparison to the world: 27

Budget:revenues: $7.056 billionexpenditures: $3.779 billion (2008 est.)

Public debt:9.3% of GDP (2008 est.)country comparison to the world: 113

Inflation rate (consumer prices):

7.5% (2008 est.)country comparison to the world: 1216% (2007 est.)

Central bank discount rate:NA% 31 December 2008country comparison to the world: 875.25% 31 December 2007

Commercial bank prime lending rate:NA% 31 December 2008country comparison to the world: 4615% 31 December 2007

Stock of money:$NA 31 December 2008$835.2 million 31 December 2007

Stock of quasi money:$NA 31 December 2008$174.5 million 31 December 2007

Stock of domestic credit:$NA 31 December 2008$NA 31 December 2007

Agriculture - products:coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber

Industries:

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petroleum, fishing, sawmilling, natural gas

Industrial production growth rate:12.5% (2008 est.)country comparison to the world: 4

Electricity - production:27 million kWh (2006 est.)country comparison to the world: 202

Electricity - consumption:25.11 million kWh (2006 est.)country comparison to the world: 202

Electricity - exports:0 kWh (2007 est.)

Electricity - imports:0 kWh (2007 est.)

Oil - production:368,500 bbl/day (2007 est.)country comparison to the world: 34

Oil - consumption:918.3 bbl/day (2006 est.)country comparison to the world: 193

Oil - exports:375,400 bbl/day (2005)country comparison to the world: 36

Oil - imports:1,070 bbl/day (2005)country comparison to the world: 188

Oil - proved reserves:1.1 billion bbl (1 January 2008 est.)country comparison to the world: 40

Natural gas - production:1.3 billion cu m (2006 est.)country comparison to the world: 61

Natural gas - consumption:1.3 billion cu m (2006 est.)

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Natural gas - exports:0 cu m (2007 est.)country comparison to the world: 182

Natural gas - imports:0 cu m (2007 est.)country comparison to the world: 81

Natural gas - proved reserves:36.81 billion cu m (1 January 2008 est.)country comparison to the world: 68

Current account balance:$1.837 billion (2008 est.)


Exports:$15.82 billion f.o.b. (2008 est.)country comparison to the world: 77

Exports - commodities:petroleum, methanol, timber, cocoa

Exports - partners:US 20.6%, China 18.8%, Spain 13.9%, Taiwan 13.4%, France 7.5%, Japan 6.5%,Portugal 6.4% (2007)

Imports:$3.211 billion f.o.b. (2008 est.)country comparison to the world: 136

Imports - commodities:petroleum sector equipment, other equipment

Imports - partners:US 19.6%, Spain 13.7%, Cote d'Ivoire 11.9%, France 9.6%, China 7.7%, Italy 6.6%, UK6.4%, Netherlands 4.1% (2007)

Reserves of foreign exchange and gold:$5.517 billion (31 December 2008 est.)country comparison to the world: 81

Debt - external:$1.652 billion (31 December 2008 est.)

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Exchange rates:Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008est.), 481.83 (2007), 522.4 (2006), 527.47 (2005), 528.29 (2004)

note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to theeuro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coinsand banknotes are not accepted in countries using West African CFA francs (XOF), andvice versa, even though the two currencies trade at par

Source:The World Factbook: Equatorial Guinea

Central Intelligence Agency

https://www.cia.gov/library/publications/the-world-factbook/geos/ek.html

Bibliography

Statutes and Legislation

12 U.S.C. 16, 20-21, 32 (1999).

15 U.S.C. 1021 et seq. (1999)

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Financial Services Modernization Act, S. 900, 105th Cong., 1999.

Treatises

Jackson, Howell E. & Edward L. Symons Jr., Regulation of Financial Institutions

(1999).

Kimball, Spencer L & Werner Pfeningsdorf, The Regulation of Insurance

Companies in the US and the European Communities, (1981).

Kono, Masamichi, et al. Opening Markets in Financial Services and the Role of

GATS (WTO, 1997).

Sundiata, Ibrahim K., Equatorial Guinea (1990).

Journals and Law Reviews

Alexander, Samuel K. Current Issues in Multinational Financing, 89 Am. Socy

Intl L. Proc 19 (1995).

Manvell Jeannot, JenniferAn International Perspective on Domestic Banking

Reform, 14 Am. U. Intl. L. Rev 1715 (1999).

Internet Resources

Equatorial Guinea, Official Internet Page

International Monetary fund,Joint Statement by the Heads of the IMF, the world

Bank and the WTO

US Senate, Banking Committee,Financial Services Modernization Act-Summary

of Provisions

Newservices

CIT. Newcourt deal done, CNNfn-Oct. 26, 1999

German banks to merge retail operations, CNNfn-Aug. 21, 1999

India Oks intl venture, CNNfn-Dec. 3, 1999

Islamic fund to launch, CNNfn-Nov. 30, 1999

Knight to buy Arbitrade, CNNfn-Nov. 18, 1999

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RSB bids $42 for NatWest, CNNfn-Nov. 29, 1999

Sumo-sized bank created, CNNfn-Aug. 20, 1999

US Financial Institutions & the Developing World: Equatorial Guinea as Case Study

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