Macron would be willing to sell French banks in favor of European banks

Emmanuel Macron wants a strong European bank
Emmanuel Macron wants a strong European bank.

The French president, Emmanuel Macron, has reiterated his position on the need for greater consolidation within the European banking sector, even if it means a major French bank being acquired by a European rival.

During a television interview with Bloomberg on Monday, Macron expressed his willingness to accept that scenario, underscoring his long-standing push for a union of European capital markets.

France would approve acquisitions of national banks

Macron believes the current fragmentation of the region’s banking sector is hampering the bloc’s economic growth.

When asked about the possible sale of France’s Société Générale to Spain’s Santander, Macron responded: “Negotiating as Europeans means that it is necessary to consolidate as Europeans.”

Your statement suggests a willingness to consider cross-border mergers and acquisitions within the European banking industry.

While Macron appears open to consolidation between banks, he expressed reservations about French companies moving their main listings outside of Europe.

Specifically, he stated that he would not like French oil giant Total to move its primary listing to the United States, although he acknowledged that such a move was simply a rumor at this time.

Macron’s comments came on the same day he welcomed global chief executives to the annual “Choose France” summit at the Palace of Versailles.

During the event, Companies pledged to invest a record €15 billion ($16.17 billion) in the French economywhich encompasses 56 different business projects with the potential to create 10,000 new jobs.

The investments highlight France’s continued efforts to attract foreign investment and foster economic growth.

Will European banking be united in a single international market? The proposal still stands, but other countries in the European Union seem not to be willing to accept this integration.

Read more: Macron ‘drools’ over Xi Jinping’s visit to France.

 
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