Do you expect there to be further consolidation in the world banking industry?
Botin: I think the move towards banking consolidation will probably continue in some countries. But you can’t generalize. For example, I don’t see consolidation in Europe on the scale seen in the United States recently. Even with the euro, language, cultural and other differences will persist in Europe and put constraints on the scope for cross-border mergers. Another factor is the existence of fairly rigid labour laws that make mergers less cost efficient than in other parts of the world.
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