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.

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.

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.

Record regional bank profits, plus strong capital ratios in Western Europe, have fuelled hope for more bank acquisitions in Central and Eastern Europe. The uncertain effect of recent court rulings on Swiss franc mortgages, however, is a big obstacle to deals in Poland.

In one of his last interviews in office, Ignazio Visco sets the record straight on his controversial 12 years as Italy’s central bank governor: a period of almost constant crisis. Today, the country’s NPL problems seem cured but, as he acknowledges, simmering risks remain.

A market-beating increase in UniCredit’s share price is just the beginning, chief executive Andrea Orcel tells Euromoney. He must now prove the many remaining sceptics wrong and show the bank can still thrive when net interest margins fall and credit costs rise.