Balkanisation a ‘real threat' to globalised banking, says PRA head Bailey

Andrew Bailey

Andrew Bailey, deputy governor of the Bank of England and head of the UK's Prudential Regulation Authority, has warned of a growing "Balkanisation" of international finance, which could limit the scope of banks to "incorporated entities in single countries".

"Cross-border international banking, particularly in wholesale banking, is a key ingredient for the world economy to continue to grow," said Bailey in a foreword for the Directory of Financial Regulators 2014, a ‘who's who' guide of financia

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