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Mensuel de janvier 2019 - Banques

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Consolidation constrained
By Vicki COCKBAIN, Investment Director, Aberdeen Standard Investments   On the face of it, European banks look ripe for M&A. According to the European Banking Federation, there are some 4,769 credit institutions in the Eurozone. And with so much competition in such a fragmented market, it is very difficult to be profitable. The average return on equity for Eurozone banks is just 5.6%, compared with a cost of equity estimated at above 10%.   So consolidation looks like a no-brainer. It would cut costs, create economies of scale and provide opportunities for diversification, bringing higher profits in the process. Regulators have been talking up the prospects for mergers for a long time and consolidation is all but inevitable at some point. But anyone...
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