Abstract
M any Middle-East countries, like Iran, have dynamic banking industries and have observed merger and acquisitions (MA for this reason in these countries, there is a different story. In the past thirty years, the Iranian banking industry witnessed two waves of M&A. The later one commenced in 2011 and is still in progress. This study investigates the reasons behind emerging M&A waves in the industry by using the Exploratory Factor Analysis (EFA). The data for this study were collected from 113 bank managers. The results show that Iranian banking industry M&A wave is driven by three main forces/factors: macro, industrial, and corporate, which come from: I) Develop the business and acquire competitive advantage, II) Stakeholders’ pressures, III) Government pressure, IV) Lack of banking licenses, and V) Organize the money market by government.
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