Ana Botin told CNBC Wednesday that was crucial to create bigger companies in Europe.
The executive chair of the European banking giant Santander Group issued a rallying cry for a common services market in Europe.
Ana Botin spoke to CNBC Wednesday, shortly after announcing the bank was seeking to cut 1.2 billion euros in costs as part of a drive to hit previous profitability targets. Santander is mainlaind Europe's largest bank by market capitalization, according to Statista, and is estimated by Botin to be in the top three when measured by total assets.
"The big American banks, in an economy that is very similar to ours, have much bigger scale. So, the common services market has to happen because 80 percent of our economy is services," said Botin, before adding:"It is crucial that we have bigger companies, because scale matters." Botin said the ECB's efforts to prop up the euro zone should not go unnoticed but suggested that more could be done to help out European banks.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rights groups lambast EU downscaling of Mediterranean migration missionInternational rights advocates criticized the European Union on Wednesday for ab...
Read more »
Rescued migrants hijack merchant vessel in the Mediterranean Sea'Poor castaways, who hijack a merchant ship that saved them because they want to decide the route of the cruise,' Italy's interior minister, Matteo Salvini says.
Read more »
ThyssenKrupp, Tata Steel offer concessions to allay EU concernsThyssenkrupp and Tata Steel have offered concessions to address EU antitrust con...
Read more »
EU parliament approves ban on single-use plasticsPlastic items such as straws, forks and knives as well as cotton buds will be banned in EU by 2021 as the economic bloc pushes manufacturers to step up their recycling efforts.
Read more »
Single-use plastic banned by EU ParliamentThe European Parliament has approved a law banning a wide-range of single-use plastic items, such as straws, cotton buds and cutlery, by 2021.
Read more »
Europe bans single-use plastics. And glitter could be next.E.U. parliament backs ban on single-use straws
Read more »
UK leader Theresa May makes final push on EU divorce deal
Read more »