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Illustration: Paul Daviz |
Europe has a new breed of national financial champions. Unlike the state-backed champions of the past, these banks are not trying to conquer foreign lands. On the contrary, their greater concentration on home markets is leading to healthier profitability and leverage, and making them less likely to need bailouts in the future. And as regulations increase the cost of banking across multiple jurisdictions – let alone competing as a global investment bank – this renewed focus on home is a thread that runs through the strategies of Euromoney’s best bank winners of 2015 in all six of the biggest western European economies.
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