The euro zone's fragmented banking industry

Regulators are keen for more consolidation - both within and across countries - because they believe fewer, stronger lenders will boost the economy and enable euro area banks to compete more effectively with larger, more profitable rivals in the United States and Asia.

In Greece, Cyprus and the Baltic states, that share ranged between 88% and 95% in 2023, according to data from the European Central Bank analysed by Reuters. In Spain, where the top five credit institutions' 69% share of bank assets is close to the euro zone average, the number of banks has fallen to 10 from 55 before the global financial crisis.Euro zone banking concentration by country is, on average, higher than in the U.S., where the five biggest banks' assets share was 50% in 2021, data published by the Federal Reserve Bank of St Louis show.

Impediments to cross-border deals are even greater and include differing regulations and labour laws, the lack of a euro zone-wide deposit insurance scheme and politics.

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