Do you expect there to be further consolidation in the world banking industry?
Kalff: There is no doubt that there will be extensive further consolidation in the world banking industry. Most countries are overbanked and certainly overbranched. In the increasingly competitive environment low costs are essential, and therefore larger scale. This will cause hundreds of mergers and takeovers every year in the developed countries alone.
Will there be large-scale cross-border as well as domestic bank mergers?
Kalff: The consolidation will take place for the most part through takeovers, but also mergers will occur.
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