Western Europe

Europe’s largest stocks have significantly greater exposure to geopolitical shocks than their US and Japanese counterparts due to their international footprint, new research shows – with Germany’s DAX facing the highest risks. Should investors be concerned?

CaixaBank has by far the biggest share of Spanish banking today, but technology is bringing rapid change and new competitors. Chief executive Gonzalo Gortázar tells Euromoney how it is reimagining its sales channels to attract new business and breed loyalty.

ESMA’s consultation on the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies has exposed the diversity of opinion on the merits of a consolidated tape for OTC derivatives.

Owning a sports team was once a guaranteed way either to lose money or to make a little by spending a lot. Today, the world’s wealthiest people are snapping up elite franchises, backed by an army of wealth managers, data experts and investment bankers. Ivo Voynov, global head of sports finance at Citi Private Bank, explains what turbocharged sports finance, and why it is such an important and profitable business for global private banks.

In an exclusive interview with Euromoney, Mahesh Kini discusses recent changes in the business and increased demand of corporate treasurers for multiple solutions, especially visibility.

Capital markets are crucial in helping firms to navigate the turbulent geopolitical climate, acting as both a catalyst for growth and a long-term stabiliser to effectively handle challenges such as currency risk, interest-rate fluctuations and the increasing cost of capital. In the first of our Euromoney Market Voices series, the CEO of Lloyds Bank Corporate Markets explains how markets are adapting to the challenges of the new normal – and how banks and corporates can take advantage.

While some banks are embracing DLT and digital assets, those who have not yet defined their strategy risk being left behind. In the first of our new Digital Assets Deepdive series, the head of issuer services and new digital markets at Deutsche Börse argues the importance of updating market infrastructure to accommodate these rapidly evolving developments.

US and Canadian banks may have had a head start in generative AI, but some European banks are trying to close the gap. Those in charge of harnessing the technology at big banks in Europe say they are gaining confidence in its use: adapting marketing shots to certain client profiles, helping sales managers to sift through product policies and much more.

Javier Rodríguez Soler, BBVA’s global head of sustainability and corporate and investment banking, says an acquisition of Banco Sabadell would boost his division’s international standing. But BBVA is already eyeing a leading role in banking decarbonisation around the world, especially in the US. Partnerships with private equity companies, and investments in cleantech funds, are among the ways it is pursuing that goal.

Four months on from North America’s move to a shorter settlement cycle, market participants have used a combination of liquidity management, technology pivots and human resources to mitigate their exposure to higher FX costs.

Balancing growth and risk is a delicate task for banks. By understanding client needs and leverage their technology capabilities, banks can not only maintain this balance but also tap into new opportunities in emerging industries. The partnership between Deutsche Bank and Chinese fintech XTransfer, highlighted by their recent success in Thailand, serves as a prime example of how tailored solutions and innovative processes can drive growth and operational efficiency.

While treasurers see promise in regulatory changes such as ISO 20022 and the digital euro, concerns over compliance pressures and potential disruptions are mounting, according to the Corporate Treasurers on Key Trends in Cash Management report, published by Euromoney earlier this month.

As HSBC retrenches from domestic business on the continent, BNP Paribas steps up its ambition in Europe’s biggest economy – focusing largely on the family-owned Mittelstand.

Sir Patrick Sergeant, the charismatic founder of Euromoney and legendary lynchpin of financial journalism, passed away on September 18 aged 100.

If UniCredit is close to acquiring Commerzbank, it’s not just the result of a quick and crafty deal in the equities market. It comes after years of rebuilding the bank’s financial strength and reputation. Euromoney recalls how the Italian bank came back from the brink – ready to get into a position to buy Commerz.

Former credit trader Shikha Gupta discovers that a verbal contract isn’t worth the paper it is written on.

Its acquisition of the Belgian private bank and asset manager offers Indosuez a chance to bulk up fast in key European markets. Its chief executive Jacques Prost sits down… erm, stands up with Euromoney to discuss the firm’s future.

It is turning out to be an equities year for the big investment banks, as fixed income revenues fall or stall and fees from dealmaking recover slowly.

While incumbent Italian banks have seen profits surge thanks to higher rates, the shrinking size and profitability of the non-performing loan market has hit illimity hard. Unperturbed, founder and chief executive Corrado Passera believes the original premise for an SME-focused neobank is more valid than ever.

A small three-month deal from one of the bond market’s most frequent issuers shows the potential for on-chain delivery versus payment in central bank money. But the obstacles to widespread use of blockchains remain.

Proponents of banking-as-a-service will be hoping that UniCredit’s decision to acquire Aion Bank and Vodeno marks a turning point in a sector that has experienced considerable volatility.

New institutional investors are providing liquidity to longstanding Revolut employees and giving a valuation proof point to its stunning revenue and profit growth.

National champion banks should worry that the latest surveys commissioned by the Competition and Markets Authority might prompt loss of more primary accounts.

Bank of Cyprus’s decision to shift its listing back to Athens also shows how far Greece has recovered.

Buying Axa IM would be BNP Paribas chief executive Jean-Laurent Bonnafé’s biggest acquisition. It has been a long time in the making.

Revolut is strongly profitable while growing fast, diversifying revenues and finally being admitted to the banking club. Watch out.

The role of Mediobanca adds to the similarities between BBVA’s hostile bid for Banco Sabadell and Intesa Sanpaolo’s takeover of UBI Banca in 2020. But there are stark differences of institutional character, politics and timing.

Wholesale banking head Andrew Bester explains the renowned retail bank’s ambition to win new revenues building on its expertise in sustainable finance.

Political instability in France, coupled with better EU-UK relations, could threaten Paris’ ability to rival London as a financial centre. But a focus on institutional clients among French and other EU banks is already helping London’s resilience – a trend that shows little sign of abating.

UK pension schemes have made clear their opposition to reduced investors protections, while the FCA may come to regret pushing through its new listing regime.