ECB official sees more cross-border bank mergers

European Central Bank executive board member Gertrude Tumpel-Gugerell said Friday 17 June thatmore cross-border mergers in the financial sector are likely to take place in Europe in the future, partly driven by the limits reached in domestic consolidation.

Speaking to bankers at an ECB workshop, Tumpel-Gugerell noted plans by HVB Group AG and Unicredito Italiano SpA to merge were made six years after the creation of the euro and 13 years after an EU directive allowing a financial institution

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