Wallenberg attacks EU banking protectionism

One of Sweden''s most powerful bankers attacks EU banking protectionism in a call for more banking consolidation.

In front of a packed gathering of almost 6,000 Sibos delegates, Jacob Wallenberg, vice chairman of SEB and chairman of Investor AB, attacked the barriers that are being erected to further European banking integration.

Banking remains one of the last bastions of protectionism and nationalism in the continent, he said. A fully consolidated and fully efficient EU banking industry is still a long way off.

Wallenberg noted in his speech that the forces of change were great. New technology had changed the scope of what banks could now do. New regulations - such as the 42 legislative changes called for by the EU - are changing...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222