In front of a packed gathering of almost 6,000 Sibos delegates, Jacob Wallenberg, vice chairman of SEB and chairman of Investor AB, attacked the barriers that are being erected to further European banking integration.
Banking remains one of the last bastions of protectionism and nationalism in the continent, he said. A fully consolidated and fully efficient EU banking industry is still a long way off.
Wallenberg noted in his speech that the forces of change were great. New technology had changed the scope of what banks could now do. New regulations - such as the 42 legislative changes called for by the EU - are changing...
