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Stock impact report

SocGen CEO: cross-border mergers between European banks are structurally unlikely [Yahoo! Finance]

BNP PARIBAS SPONS ADR (BNPQY) 
NASDAQ:AMEX Investor Relations: invest.bnpparibas.com/en
Company Research Source: Yahoo! Finance
Krupa said on Wednesday, a week after French President Emmanuel Macron called for greater consolidation in the sector. "In Europe today, they are extraordinarily unlikely for a number of reasons, the first of which is regulatory: there are significant capital surcharges linked to the size of banking institutions," he told shareholders at the company's annual general meeting in Paris. Two individual shareholders pressed Krupa to react to specific comments made by Macron related to SocGen, as the French president appeared open to seeing the lender acquired by another large European bank. Asked if, for example, he would be willing to consider the sale of SocGen to Spain's Santander, Macron said: "Dealing as Europeans means you need consolidation as Europeans." Macron's comments lifted SocGen's shares but were criticised by the bank's main trade union. Krupa declined to comment on Macron's remarks but added that the absence of a European banking union, illustrated by current res Show less Read more
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