Eurogroup Chief Says EU Needs Larger Banks and X-Border Mergers

Eurogroup President Kyriakos Pierrakakis says Europe needs larger banks and more cross-border banking mergers. He made these comments to reporters Monday (May 4) when asked about UniCredit’s plans to acquire Commerzbank. “We need European rather than national champions and yes, we need more banking consolidation in Europe, we need more cross-border M&As,” said Pierrakakis, whose comments were reported by Bloomberg News.