Macron won’t rule out allowing sale of French banks to European rivals

PARIS, May 13 (Reuters) – French President Emmanuel Macron believes Europe’s banking sector needs greater consolidation, even if that means a major French bank being bought by a European rival, he said in a TV interview with Bloomberg on Monday.

Macron has long been pushing for a European capital markets union, arguing the current fragmentation of the region’s banking sector is a drag on the bloc’s growth.

Asked if, for example, he would be willing to countenance the sale of France’s Societe Generale (SOGN.PA), opens new tab to Spain’s Santander (SAN.MC), opens new tab, Macron said: “Dealing as Europeans means you need consolidation as Europeans.”

Source: REUTER