Fitch Ratings, the rating agency, said in a report that it doubted that there would be a wave of European cross-border mergers in the foreseeable future.
Fitch also said in its report that it remained doubtful of the benefits of any such mergers that may occur. "While the logical step forward for some banks would be a crossborder merger, Fitch remains sceptical about the benefits of such operations. Not only are there a number of technical hurdles to overcome but crossborder synergies are also difficult to achieve and such operations are often complicated by social and cultural differences," said the report.
