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.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

These are the eurozone’s next big bank mergers

Stock market ups and downs over the last two years reveal a new line-up of possible big bank buyers in the eurozone. If they wait for balance sheet clean-ups and government sell-downs, they may have to up their bids.


M&A is the most radical of a chief executive’s choices. A strategic control graph – with bigger and higher-valued institutions to the top and right and smaller and cheaper institutions to the bottom left – shows the eurozone’s most likely deals. 

I last plotted a graph like this in 2015. A lot has happened since, so it is worth seeing how market gyrations have moved positions. It shows which big banks could get bigger and which could disappear.

Assessing the block’s top 20 biggest listed banks by tangible equity, stock market outperformance over the last three years suggests Santander, BBVA and Crédit Agricole SA (CASA) are all more likely acquirers than before – BBVA and CASA, at least, of possible targets further to the bottom left. 

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


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