Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

British banks `will lose out'

John Willcock
Monday 23 November 1998 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

UK BANKS will lose out in the European banking market once Economic and Monetary Union kicks in next year, according to a survey of almost 500 bankers published today, writes John Willcock.

Over three-quarters of those bankers polled by Harris Research for The Banker's Almanac said that the introduction of the euro would lead to further consolidation in the international banking market. Only 35 per cent believe British banks will be winners in this process.

In contrast, 47 per cent believe the French will do well out of the consolidation, and a massive 78 per cent think German banks will come out on top once the euro becomes fully operational on 1 January 1999.

American banks lag the UK only narrowly, with one-fifth of the survey's respondents saying US banks will do well.

The Almanac also did a survey of likely losers in the euro consolidation, and UK banks came second.

Charles Brewer, EMU analyst at ITelligence, an IT business information service, said: "The only real winners will be the big banks."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in