Sir, Patrick Jenkins, in “Why is it taking so long for Europe’s banks to recover?” (Inside Business, November 10), observes that the eurozone crisis peaked in 2012 and that European banks have been relatively slow to adjust. Indeed, several banks — Barclays, Credit Suisse and UniCredit — have announced major restructuring plans very recently. But a few (large) trees should not hide the forest. Banks such as KBC, Nordea, SvenskaHandelsbank, IntesaSanPaolo or Lloyds Banking Group are now trading with healthy price-to-book above one, a threefold increase over the past four years. The announcement of a slow death of banking is a bit premature.

Jean Dermine

Professor of Banking and Finance,

Insead, Singapore

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