4
Jul

The members of the Finance Club have put together the II edition of the Investment Banking Day at Instituto de Empresa. Rodrigo Loureiro Teixeira lead the organization of this event together with Cyril Mazeau, António Rus, Michele Fioretto, Judit Csikasz, Nino Gonjilashvili, Pierluigi Giverso and Andrew de la Mare. Guillaume Delacour from the Careers Management Center, was also a valuable resource in the organization.
This event is the 3rd one organized by the Finance Club in 2006, and will be followed by other interesting ones to be announced.


This year the Finance Club has decided to do minor changes in the event format. In order to develop a closer relationship with the Investment Banking community that was present in last year’s event, these banks were given preference, before new ones were invited. In order to maximize attendance at the workshops, this year only two were held with a very successful audience.
The IBDay was opened by Prof. David Bach, who highlighted his views on the Panel Discussion topic, making a bridge with the concepts that most students had seen in his Country Economic Analysis.
Then two interesting Workshops were held:
Acquisition process and Acquisition Financeby Fortis Bank; lectured by Enrique Dermit and Damián Rubianes.
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In this workshop students had the possibility to fully understand how M&A transactions are structured and financed. During approximately 1 hour, Enrique and Damián engaged a very interesting dynamic with the audience, where the presentation was halted by questions and answers.
Gas Natural and Endesa dealby UBS, Jaime Vigón.
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Jaime is an Associate Director of the UBS office in Madrid, and has been part of the team that has supported Gas Natural in this process. During the presentation, Jaime build-up the story why it made sense for both companies to merge, and explained in detail the financials that lay behind the deal. Judging from the questions the audience was making, this was clearly a very interesting and updated topic to discuss an International Business School, such as Instituto de Empresa
The discussion panel started after a 30 minutes coffee-break that was kindly sponsored by the invited banks, and where students had the opportunity to discuss the lectures on the workshops as well as network with the invited guests.
Santiago Iñiguez, dean of IE, welcomed the panelists and the moderator, Prof. Arpad von Lazar.
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The panel discussion was constituted by:
– Roger Ramos, Fortis
– Ignacio Muñoz-Alonso, Rothschild
– Jorge Vasallo, ABN Amro
– Iñigo Pañeda, Lehman Bothers
– Antonio Álvarez, UBS
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The topic for discussion was not an easy one, although it gathered the interest of all the panelists. After a brief and humorous introduction of Prof. Arpad on the current state of the investment banking, each participant gave his own view on the effects that National Protectionism might have in their own business.
The most frequently mentioned cases were the Spanish Endesa / E.ON, Abertis / Autostrate, Pespi / Danone. There was a general consensus that in all cases, the protectionism might be understood up to a certain extent, although the global society will not benefit from such barriers. Regarding the impact that this might have in the Investment Banking business, the participants agreed that these types of deals were still responsible for fee generation, and they were typically long deals, which dissolved any existing idea, that Investment Banks would be severely affected.
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The Q&A session was very interesting, with students trying to explore also the political side of the protectionism as well as adding other examples and industries that were facing the same issues.
This was clearly a very successful event, where students had the opportunity to deepen their knowledge on the Corporate Finance world, more specifically Mergers and Acquisitions, and be update with the views and opinions of industry experts, on such a relevant and actual topic.
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