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Santander and BBVA are negotiating with the European Central Bank (ECB) for more favorable capital treatment of their insurance business stakes, which currently count as deductions from capital for most Spanish banks. The ECB's "Danish commitment" allows certain banks to risk-weight these investments instead. This comes amid a broader trend of banks seeking growth through insurance to counteract declining interest margins.
Spanish banks Santander and BBVA are in talks with the European Central Bank (ECB) to secure more favorable capital treatment for their insurance holdings, which currently count as direct capital deductions for most banks. The ECB's 'Danish compromise' allows certain banks to risk-weight these investments instead. This comes as banks seek new growth avenues amid declining interest rates, with the ECB recently denying Banco BPM's request for similar capital treatment for its acquisition plans.
UniCredit CEO Andrea Orcel indicated that a decision on a potential takeover of Commerzbank may not come until 2027, as the bank's shares have surged due to Germany's fiscal policies. He emphasized the need to assess the deal's value and navigate regulatory approvals, expressing concerns about the slow pace of European banking M&A. Orcel also mentioned the possibility of increasing investment in UniCredit's German operations, given the positive economic outlook.
Commerzbank reported a 20% increase in net profit for 2024, reaching 2.68 billion euros, surpassing analyst expectations. The bank announced a share buyback of 400 million euros and raised its dividend to 65 cents per share. Amid interest from UniCredit for a potential tie-up, Commerzbank emphasized its commitment to independence and competitiveness.
Credit Suisse and Credit Agricole have lost their initial legal challenges against EU antitrust fines totaling €15.8 million for their involvement in a bond cartel. The European Commission imposed fines of €11.9 million on Credit Suisse and €3.9 million on Credit Agricole for colluding on trading strategies and pricing in the SSA bonds market. The General Court upheld the fines, allowing the banks to appeal to the Court of Justice of the European Union.
Louise Heavens
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