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A report by the First Manhattan Consulting Group on the banking industry concluded that banks with high market shares in 1997 didn't get better returns on equity or on assets than smaller rivals, according to US BANKER, an affiliate of The Credit Union Journal.

"While market share growth derived from acquisition didn't correlate with investor returns, share growth achieved organically without the benefit of deals was very very important," according to the study, US BANKER added.

First Manhattan studied the performance of the 150 largest retail banking companies seeking a correlation between market shares and total investor returns.

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