The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Watch for the wave


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.

France is a key market to watch. If Crédit Agricole gets the go-ahead from the French regulator to buy Crédit Lyonnais, the frustration of losing out could propel BNP's chairman Michel Pébéreau into action. His target if Crédit Lyonnais were taken off the market might well be Société Générale but rumours have long swirled around a link-up between BNP and Fortis. The two held discussions last year and analysts say there's probably some logic in a Franco-Belgian tie-up particularly in businesses such as wholesale banking, mortgages and credit cards.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree