By Mathieu Rosemain
PARIS (Reuters) – The boss of the euro zone’s most valuable lender BNP Paribas on Tuesday played down expectations for a revival of M&A activity in European banking, saying the economics of cross-border and even some domestic deals rarely made sense.
Jean-Laurent Bonnafe’s comments to BNP’s annual shareholder meeting comes after Spain’s BBVA last week launched a hostile 12.2 billion euro ($13.20 billion) takeover bid for domestic peer Sabadell, and after French President Emmanuel Macron said on Monday that Europe needed more banking consolidation.
“If you’re not a domestic player, you can’t buy a player like Sabadell……
