Some European countries have a high number of banks. Consolidation is likely in the future as banks struggle due to multiple adverse of the coronavirus pandemic and recessions. Spanish banks Caixabank SA and Bankia SA are exploring a merger according to a recent article in The Wall Street Journal. Below is the total number of banks in 2019 in select countries of Europe.
- Total Number of Banks in Spain = 200
- Total Number of Banks in France = 400+
- Total Number of Banks in Italy = 500+
- Total Number of Banks in Germany = 1,500+
Indeed for a small country such as Italy, there is no need for over 500 banks.
Source: European Banking Federation via WSJ
