Macron open to big bank mergers
French President Emmanuel Macron has said he would be open to seeing a major French bank taken over by a European Union rival to promote deeper financial integration, which he sees as critical to the bloc’s future prosperity.
French President Emmanuel Macron stated that the European banking sector needs consolidation and that he is open to the acquisition of a large French bank by its European rival.
“Agreeing as a European means that you need to consolidate as a European. Now we need to open this box and offer a much more efficient single market approach,” Macron told Bloomberg in an interview at an investment summit in France. he said.
As Europe copes with Russia’s war in Ukraine and the deterioration of the global trading system
Macron is trying to convince his European partners for a reform program that would transform the EU to become a more united, major economic power.
Macron said BNP Paribas, one of France’s largest banks, needed consolidation to buy its medium-sized rivals. Macron: ‘Would it be acceptable for European competitors to buy a French bank?’ He answered the question ‘Of course’.
Macron shares the view that the EU has a chance to challenge China and the United States by protecting its interests, reducing single market regulations and igniting the bloc’s financial power.
“We need to completely reset our model,” said Macron, stating that failure would drag Europe into long-term economic decline and apathy.