UBS Chairman Kelleher Slams EU Impasse Over Banking Union
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The European Union’s failure to complete banking union is putting the continent’s lenders at a strong disadvantage, according to UBS Group AG Chairman Colm Kelleher.
“Europe is massively losing out competitively to the US banking system” because it can’t break down national barriers to banking, Kelleher said on a panel at the World Economic Forum in Davos on Wednesday. The region “needs a markets-based banking system,” he said.