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While it was hard before, the Covid-19 pandemic will make it almost impossible for most European banks to earn their cost of equity any time soon.
Banks must rethink their business models even more urgently than before. At the very least, this will mean more sales of non-core businesses – particularly small-scale product-manufacturing units by mid-tier lenders.
Philippe Brassac, chief executive of the listed arm of western Europe’s best bank, Crédit Agricole, puts it this way: “Cross-border consolidation won’t be easy in Europe.
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