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ECB Test Results Will Drive M&A Activity in Europe’s Bank Sector 2014-10-26 14:36:40.495 GMT
By Nicholas Brautlecht Oct. 26 (Bloomberg) -- Sector remains “chronically unprofitable,” must address EU879b exposure to non-performing loans, AQR task force at KPMG says in statement. * ECB review was of “unprecedented” rigor, should build confidence in balance sheets of banks * Review is “foretaste of the detailed, data-driven approach the ECB will adopt as single supervisor” * ECB will scrutinize certain qualitative measures, having “fundamental implications for banks” * NOTE: KPMG worked with banks, regulators in Comprehensive Assessment, completing nearly a third of Asset Quality Reviews * NOTE: ECB Finds $32 Billion Gap as 25 Banks Including Paschi Fail Test
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To contact the reporter on this story: Nicholas Brautlecht in Hamburg at +49-40-31112-260 or nbrautlecht@bloomberg.net To contact the editor responsible for this story: Angela Cullen at +49-69-92041-158 or acullen8@bloomberg.net