April 1, 2019 / 2:18 PM / 3 months ago

ECB keener on international bank mergers than domestic tie-ups

FRANKFURT, April 1 (Reuters) - The European Central Bank would prefer to see mergers take place between banks in different euro zone countries rather than domestically, its vice-president Luis de Guindos said on Monday when asked about potential tie-ups within Germany and Spain.

“Consolidation could be an alternative in order to reduce costs and to gain efficiency,” de Guindos told European lawmakers. “But ... from the standpoint of the ECB what we prefer to have is cross-border consolidation.”

He had been asked about potential tie-ups between Commerzbank and Deutsche Bank in Germany, and between Spain’s Bankia and Sabadell. (Reporting by Francesco Canepa; Editing by Alison Williams)

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