Talk about bank mergers rarely comes to fruition – especially in Germany and Italy, where it is most needed. A degree of cynicism about bank consolidation is therefore forgivable.
However, when Euromoney speaks to Ignazio Angeloni, board member at the ECB’s Single Supervisory Mechanism, he says that bank consolidation is happening quite rapidly, especially in Italy and Germany; albeit mainly among the small banks, particularly the mutual lenders.
If true, this is nevertheless important, as the continued independence of hundreds of small, often politically linked local banks is a big reason for the sector’s low profitability and sometimes poor governance.
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