1518 GMT - Cross-border consolidation among European banks is an unstoppable process as the continent's lenders need more scale to compete with their U.S. peers, Bestinver's Luis Pena says. "We think more political will is necessary to finish the European Banking Union before cross-border consolidation happens in full," Bestinver European Financial Opportunities' fund manager says. Italy's UniCredit recently raised its stake in Germany's Commerzbank, overtaking the German government as its largest shareholder and drawing objections from some officials and union leaders. If a takeover deal were to happen, it wouldn't be considered cross-border given that UniCredit already operates in the country via its HypoVereinsbank subsidiary, Pena notes. In Spain, BBVA's hostile bid for peer Sabadell has also been met by government opposition. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
October 09, 2024 11:18 ET (15:18 GMT)
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