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Luqman Arnold |
Last year went out with a bang as far as financial M&A was concerned. After a relatively uneventful 12 months, HSBC swooped on Household, and Crédit Agricole announced that it was finally bidding for the rest of Crédit Lyonnais.
Could this be the beginning of the long-awaited wave of consolidation, even cross-border consolidation, in the banking sector? As many banks struggle to maintain capital ratios in the face of a market that has dive-bombed, it would be difficult to blame the richer among them – such as BNP Paribas, UniCredito Italiano and Lloyds TSB – thinking that now is a good time to team up with a cash-strapped rival.
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