new era in EMEA banking is upon us. We see a
strong case for structural growth in EMEA banking. We
have endeavored to provide a roadmap to the recent
trends across EMEA banking, as this is a far from
homogenous group of banks in various stages of
banking development, structural differences in
profitability and valuations.
Funding pressures persist. The cost and scarcity of
funding (deposit, wholesale, swap) will determine
growth capacity out of the cycle for the EMEA banks as,
combined, the systems still have around a