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Updated · Bloomberg · May 4Europe seeks bigger banks and more cross-border mergers
12 articles · Updated · Bloomberg · May 4
- In Brussels, Eurogroup President Kyriakos Pierrakakis made the call when asked about UniCredit SpA's potential acquisition of Commerzbank AG.
- He said Europe needs European rather than national champions, arguing greater banking consolidation is necessary across the euro area.
- The remarks add political backing to cross-border bank dealmaking as Europe weighs how to build larger lenders able to compete more effectively.
As US regulators ease capital rules, can Europe build banking giants without creating new systemic risks? National interests have blocked bank mergers for a decade. What makes this new push different from past failures?