Western Europe
LATEST ARTICLES
-
France’s political and banking troubles obscure good momentum in Societe Generale’s corporate and investment bank. Yes, capital is constrained, but the bank says it is moving in the right direction.
-
The bank’s decision to sell a large minority stake in Credit Suisse’s former China JV to BSAM, a Beijing-based fund it has known for decades, is a setback for Ken Griffin’s Citadel Securities. The US firm is still committed to expanding in China’s troubled market.
-
Diego De Giorgi’s arrival at Standard Chartered has coincided with important changes at the bank. He talks to Euromoney about the transition from investment banker to chief financial officer, and how the firm can further leverage its advantages amid growing profitability and geopolitical risk.
-
The limitations of the Alternative Investment Market are forcing many companies to explore other sources of funding. Nevertheless, there is optimism that the market for small and medium-sized growth companies can be revived.
-
Basel-endgame pushback has reduced the urgency for US banks to relieve capital, but investor appetite for significant risk transfer trades is spilling over to Europe.
-
The region’s tough economic history, coupled with its strength in soft and hard commodities, makes it best positioned to tackle today’s challenges.
-
The Siena-based bank has a better bill of health and is once again a target in Italy.
-
Despite an overwhelmingly Italian business in retail, Intesa Sanpaolo has stepped up its share of corporate and investment banking revenue outside the country. In its global growth markets, divisional chief Mauro Micillo says the firm is here to stay.
-
With corporates taking a more holistic view of sustainability, banks are under pressure to address concerns over reporting and verification requirements for sustainable working capital, trade finance and liquidity management products.
-
Risk aversion has spread quickly since the call for a snap election in France, from French government bonds, through bank stocks and CDS spreads to now derail the IPO of an Italian maker of luxury trainers.
-
It is getting tougher for investors to execute block trades of more than €2 million in Europe’s fragmented equity markets. Matching buyers and sellers needs a return to negotiation and away from pure electronic trading.
-
After years of retrenchment, Commerzbank’s head of corporate clients Michael Kotzbauer tells Euromoney of a tentative return to growth. The bank has dodged Germany’s commercial real estate slump but is having to adapt to a worsening geopolitical backdrop. Capital and cost efficiency remain big priorities.
-
Rising confidence in European banks has raised hopes of a surge in domestic M&A, perhaps laying the foundations for the long-sought ideal of genuinely pan-European firms.
-
Does the high number of drawn-out insolvency cases in the UK suggest a failure of regulation?
-
John Mathews, head of UHNW Americas for UBS in New York, tells Euromoney why the US’s private banking model is so successful, why the Swiss firm is really in the life counselling business, and explains why it has targeted US ultra-high net worth clients.
-
Corporate treasurers are playing it safe when balancing the merits of exploiting improved access to capital against the risk of unexpected economic shocks and business interruption.
-
Financial markets reacted calmly to news of an early UK election, expecting whoever wins to stick to the fiscal rules. But whoever wins must also cope with rising debts and onerous interest payments.
-
Will increased transparency in the European corporate bond market lead to higher transaction costs for large trades?
-
In an interview with Euromoney, European Banking Authority chair José Manuel Campa joins the European Central Bank and others in pressuring banks to do more to prepare for geopolitical risks spreading from Russia to China, the US and Middle East.
-
Banks and regulators are keen to use instant payments to reduce the influence of Visa and Mastercard on the European payments industry – but replacing these two dominant players will be far from easy.
-
-
UK banks, asset managers and individuals see better returns from dumping UK stocks and investing elsewhere, but the impact eventually becomes ruinous.
-
BBVA’s bid for Banco Sabadell didn’t appear to be going well when its share price slumped after the announcement. Then Sabadell rejected the offer despite the substantial premium to its own share price.
-
Twenty-five years ago in Spain, ING launched a branchless bank – still its biggest greenfield retail operation. Euromoney asks Iberia chief executive Ignacio Juliá Vilar what still makes it stand out from both incumbents and newer arrivals.
-
As mandated real-time payments loom, Europe’s banks and other payment providers must look at modernising legacy infrastructure.
-
Corporates’ longstanding complaint on banks’ payments offerings is that they don’t know what they are being charged for but suspect it is too much. Airwallex now provides an alternative at global scale.
-
BBVA could have bought Banco Sabadell much more cheaply in 2020. Sabadell’s CEO César González-Bueno has since turned his bank around. But BBVA’s return to the negotiating table comes at a time when European banking may be moving to a new and more confident phase.
-
Restructuring HSBC, like painting the Forth bridge, is a never-ending job. While Noel Quinn has done well, the board must not make another ham-fisted transition.
-
The body responsible for settling about $6.5 trillion of global daily FX trades has decided against extending its deadlines to accommodate non-US participants who still want to use its next-day settlement service. But it expects the impact to be limited – far too limited to justify the complexity that a change would impose on its members.
-
The two European banks are both trying to de-emphasise their investment banks and want to build up areas where they see weakness. Barclays is later to this party than Deutsche, but both will have found encouragement in the first three months of 2024.
-
A private credit market growing so fast, away from the oversight of bank regulators, may be a new source of systemic risk. With smaller investors taking greater exposure to an asset class whose high returns and low losses look almost too good to be true, there could be trouble ahead.
-
Quarterly survey reveals that UK finance professionals may be feeling more upbeat about prospects, but that this is yet to translate into a willingness to take greater risk onto balance sheets.
-
UK fintechs attracted more investment than all European rivals combined in a tough funding market last year, but a broken IPO market leaves them with nowhere to go.
-
The EU’s Instant Payments Regulation may have fired the starting gun on real-time payments in Europe, but many banks remain stuck in the blocks.
-
The good news is that bank executives don’t see big loan losses ahead; the bad news is that they lack the confidence and vision to invest in the business.
-
The Greek bailout fund’s exit from Piraeus Bank last month was the country’s biggest post-crisis privatization. The bank’s chief executive, Christos Megalou, tells Euromoney that this is more than a capital-return story. It’s also about growth: in the economy, in wealth and asset management, and, thanks to neobank Snappi, internationally.
-
After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.
-
Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?
-
The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread?
-
While welcome, initiatives by the government and financial sector bodies designed to make it easier for companies to raise funds in the UK face a number of obstacles.
-
A wall of liquidity among investors has helped to drive a busy start to the year for bond issuers, as they rush to capture tight spreads.
-
The German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
-
Asset managers and industry regulators face operational challenges around the tokenization of private assets.
-
Caution at local commercial banks – coupled with the eagerness of large investment banks to foster relationships with private equity players – means large real-estate deals fuelled by back leverage could be primed for a comeback in Europe.
-
Corporates seeking to leverage sustainable investment opportunities continue to be restricted by the lack of reliable data on which to base their assessments.
-
The Basel committee is shocked – shocked! – that some banks might be reporting inflated leverage ratios.
-
The UK startup is now a fully regulated bank and private funds are backing its vision to embed regulated banking in non-financial companies as well as fintechs.
-
With some big deals launching this week, Europe’s IPO pipeline is flowing at last. If they do well, they should put to bed the notion that ‘private IPOs’ are what is needed to provide exit routes for sponsors. A handful of recent deals shows that the biggest driver of success is doing the simple things well.
-
The UK Chancellor has big plans for the tech sector.
-
Thinner margins across the banking industry hit smaller banks harder. But investor pressures are also less of an issue for mutually owned lenders.
-
For a deeply unpopular government with little room to manoeuvre, the chance to bribe voters with a cheap offer of bank shares is irresistible. The bank in question is now well-run and profitable while its stock still trades at a discount. But the great NatWest share offer will do little to revive UK capital markets.
-
The UBS chief investment office’s sustainable and impact investing strategist wants to avoid measurement for the sake of measurement, but responding to client demand for more data while ensuring its readability remains a challenge.
-
The newest ESG trend in retail banking might be a niche offering for now, but all banks will have to take it seriously someday.
-
Leading commercial banks are focusing on their approach to relationship management to reassure corporate customers that they are being listened to.
-
There are sensible elements to CEO Slawomir Krupa’s plans for Societe Generale, but their communication needs attention.
-
In 2020, Deutsche Bank’s Asia chief, Alexander von zur Mühlen, placed more of his chips on fast-growing southeast Asia. As global firms diversify out of China, his prescience and willingness to deliver on his convictions is starting to pay off.
-
Investors and staff at Societe Generale are slowly starting to understand chief executive Slawomir Krupa’s brutally honest approach to the bank’s many challenges. Taking them with him as he embarks on his restructuring plan may prove a more delicate task.
-
Diego De Giorgi’s arrival as Standard Chartered’s CFO coincides with a shift away from asset shrinkage and a “final push” on digital transformation.
-
A private debt hangover in real estate is threatening middle-class retirement savings across Germany. Local banks, which focused more on senior loans, should be safer. But are these lenders ready to finance the recovery in commercial property that the German market so badly needs?
-
Even after the rally on its latest restructuring plan, investors still value the UK bank at such a wide discount to book that management must consider radical action.