SocGen’s Oudéa sees opening for EDIS, M&A after 2020
Prospects for a European deposit insurance scheme (EDIS), together with technology, allow a relatively upbeat assessment on bank merger opportunities, according to Société Générale CEO Frédéric Oudéa.
European Parliament elections and a new European Commission could lay the groundwork for cross-border bank mergers from next year, Oudéa tells Euromoney.
The CEO, who is also president of the European Banking Federation, sees a good chance that the EU will prioritize its banking and capital markets union reforms from next year – including an EDIS.
He says clearer progress on that front will then allow banks to do their part in integrating Europe’s financial sector: pre-empting a longer-term move to bigger and more pan-European capital markets.
“A roadmap can allow players to anticipate closer European financial-sector integration, and start to build a business model that will benefit from that roadmap,” he says.
The chief executive was speaking to Euromoney as part of the magazine’s 50th anniversary coverage.
“We should have a few pan-European diversified banking models, the JPMorgan, Bank of America or Citi of Europe: multi-local banks with a strong foothold and a broader base in retail, with corporate and investment banking, and perhaps asset management,” he continues.