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 Cookiesbefore 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.

How European banks can consolidate without merging

As Mifid II and shrinking margins pile pressure on single-country firms in Europe, Kepler Cheuvreux is an equities mirror for how Amundi has grown a multi-local asset management platform. Can other businesses replicate their practical solutions to Europe’s fragmented financial services market?


If they stand any chance of making money from serving the small and medium-sized clients that American investment banks will never touch, European firms must gain scale by bringing together the continent’s disparate financial markets. That sounds like wishful thinking.

However, despite the gloom surrounding European banking, there are two sector leaders – Amundi, in asset management, and Kepler Cheuvreux, in equities – showing how continental consolidation can happen, even in the absence of big bank mergers.

Amundi and Kepler’s successes reflect the special importance of size to both asset management and equities. Europe’s Markets in Financial Instruments Directive II has made their business models even more attractive, as smaller brokers and asset managers die in greater numbers.

Amundi and Kepler have common origins in France’s close-knit market, and in the kind of federal structure epitomized by France’s biggest domestic bank, Crédit Agricole. Former Société Générale banker Jean Pierre Mustier, now UniCredit chief executive, has also been instrumental in the development of both firms.

It was in 2012, when Mustier was running UniCredit’s corporate and investment bank, that Kepler gained its first big break since the crisis.

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