Europe is over banked. But cross-border mergers will have to wait for domestic consolidation. The news will come as a disappointment to many M&A departments buoyed by bold predictions from accountants and investment banks on cross-border consolidation.
A report, from accountants Deloitte, identified falling political barriers, growing acquisition funds, and a scramble for market share among banks, as reasons to believe that European retail banking cross-border consolidation was already underway.
But there are a number of hurdles to overcome before...