晨星DBRS周四表示，欧洲银行监管不均、流动性和资本的国家壁垒以及对外资收购的政治反对，迫使欧洲银行寻求低调的方式在海外增长。
Uneven European banking regulation, national barriers to liquidity and capital and political opposition to foreign takeovers have pushed European banks to seek lower-profile ways to grow abroad, credit rating agency Morningstar DBRS said on Thursday.
这家信用评级机构在一份报告中称，欧洲贷款机构已加大跨境投资力度，尽管意大利联合信贷银行对德国商业银行的收购要约仍属例外。随着欧盟银行联盟项目停滞，贷款机构正转向少数股权、合资企业和合作伙伴关系，而非全面合并。根据该信用机构的说法，少数股权是最显眼的途径，有时接近强制要约收购门槛，或保持在10%以下，以同时避免欧洲央行授权和更严格的资本处理。
法国农业信贷银行在7月将其持有的意大利Banco BPM股份增至29.3%，此前于6月同意收购西班牙同行西班牙合作社信贷银行9.9%的股份。10月，未上市的法国合作社银行集团BPCE收购了西班牙Sabadell银行约7%的股份，并表示不会将持股比例提高到9.9%以上。意大利联合信贷银行在1月将其持有的希腊Alpha银行股份增至约29.8%，此前于2023年最初购买了该希腊银行9%的股份。
晨星DBRS表示，银行也在利用合资企业或银保合作，并援引了希腊国家银行与安联最近的合作伙伴关系为例。该机构称：“这些行动提供了一条分散收益的低风险途径……然而，它们提供的管理控制权有限，且仍会消耗资本。”
European lenders have stepped up cross-border investments, though UniCredit's (CRDI.MI) takeover offer for Commerzbank (CBKG.DE) remains an exception, Morningstar DBRS said in a note With the European Union's banking union project on a stall, lenders are turning to minority stakes, joint ventures and partnerships rather than full mergers Minority stakes, the most visible route according to the credit agency, sometimes near the mandatory takeover threshold or stay below 10% to avoid both European Central Bank authorisation and a stricter capital treatment France's Crédit Agricole (CAGR.PA) raised its stake in Italy's Banco BPM (BAMI.MI) to 29.3% in July, after agreeing in June to acquire 9.9% of Spanish peer Banco de Crédito Social Cooperativo In October, unlisted French cooperative banking group BPCE bought around 7% of Spain's Banco Sabadell (SABE.MC), saying it would not raise the stake above 9.9% UniCredit raised its holding in Alpha bank (ACBr.AT) to around 29.8% in January, after initially buying 9% of the Greek bank in 2023 Banks are also using joint ventures or bank-insurance deals, Morningstar DBRS said, citing the recent partnership between National Bank of Greece (NBGr.AT) and Allianz (ALVG.DE) "These actions offer a lower-risk route to diversify earnings ... however, they provide limited management control and still consume capital", it said