Customers stick with pick and mix

European corporates are responding favourably but cautiously to banks offering one-stop-shop services. On the whole, though, the banking trend is not demand-driven and customers are not massively moved by the cost-saving considerations touted by the banks. The response is pragmatic with most corporate treasurers recognizing that a multiplicity of banking relationships is advantageous. Investment banks may indeed offer an indefinable added value and commercial banks are still not up to speed in crucial areas, notably M&A.