Europe 'set for €1 trillion of bank asset sales'

'Emerging market giants' will be winners

Banks will sell non-core assets with a book value of €1 trillion ($2 trillion) at below par prices over the next two years to sturdier rivals or new entrants to the market, according to research by McKinsey.

The research, penned by a team of McKinsey consultants led by directors Tab Bowers and Olivier Hamoir, suggests the banking industry faces years of uncertain returns, lower margins and capital constraints.

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