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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