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EU Aid Deal Paves Way For Cross-Border Mergers, Says Santander Chairman

By  |  July 22, 2020

The European leaders’ agreement on a massive stimulus plan for their coronavirus battered economies should help kick-start cross-border consolidation in Europe and complete the European banking union, Santander Chairman Ana Botin said.

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    “What was agreed yesterday (in the early hours of Tuesday) means the opportunity and the probability that we do get a banking union and cross-border consolidation is much higher,” Botin told Reuters. 

    “It will require changes, but I think those changes are much more likely today than they were yesterday,” Botin said. 

    Santander is the Euro zone’s second-biggest lender in terms of market value. 

    Remarks by Botin echoed comments from European Central Bank vice-president Luis de Guindos, who on Monday, July 20, said that he expected banks to engage in both national and cross-border consolidation within weeks or months.

    Full Content: Reuters

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