This could be biggest year for bank mergers since the late 1990s

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Faced with low interest rates and intense competition for consumer deposits and loans from financial giants, regional banks may rush to merge this year to keep pace with larger rivals

New York .

So says Dick Bove, chief financial strategist at Odeon Capital and a veteran bank industry analyst, who tells CNN Business that this year could be the biggest for bank mergers since 1998.Already big banks may need to get even largerIn that year alone, Wells Fargo bought Norwest, NationsBank acquired Bank of America ; and Citibank and Travelers merged to form Citigroup .

 

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