Double vision: US and Japan push for twin EU bank holdcos

Two umbrella groups needed for home-country separation of securities and banking operations

After the European Commission (EC) unveiled a surprise proposal in November 2016 to oblige large foreign banks operating in more than one European country to form a single European Union holding company, the affected banks seem to have been going through the five stages of grief. While not entirely accepting the proposal, many – thought to number 19 banks, based on the EC’s proposed criteria – seem to be seeking to modify rather than derail it.

In Article 21b of the November draft of the

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