European banks must revolutionise their business models – even the European Central Bank recognises this now.
In new draft guidance, the ECB signals it won’t stand in the way of mergers, including cross-border deals in the EU. This is at a time, moreover, when hope in Europe’s united future is surging, thanks to the €750 billion EU recovery fund.
One big merger is already under way: the continent’s biggest bank takeover for a decade. Intesa Sanpaolo’s €5 billion bid for local rival UBI Banca is raising hopes, at the very least, of more mergers in Italy’s fragmented banking market.
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