European Banks Daily 9 June 2026

Research evidence excerpt

European Banks Daily 9 June 2026

J P M O R G A N Europe Equity Research

09 June 2026

European Banks Daily

9 June 2026

Daily Valuation Sheet | Banks Analyser & Global Banks and Fintech Valuation European Banks

ACWeekly sheet | European Banks 2026 Outlook - PODCAST Kian Abouhossein

(44-20) 7134-4575

Highlights kian.abouhossein@jpmorgan.com

Global Banks:Discussion with legal expert more negative than expected; J.P. Morgan Securities plc

Uncertainty on WM likely to persist

Specialist Sales contact details:Kian Abouhossein (44-20) 7134-4575

We hosted a call with a legal expert on China’s new Outbound Direct Investment Gigi Sparling - Specialist Sales -

European Financials(ODI) regulation, which we previously discussed (see Global Banks: China

(44-20) 7134-0355

investment regulations triggering WM revenue uncertainty) as a risk but with limited ghislaine.sparling@jpmorgan.com

regulatory clarity at present. Based on the discussion, our findings for the UK Asian

and Swiss banks are more negative than expected with regards to: 1) the scope of

individuals, with the definition of Chinese Mainland Residents (CMR) wider than

expected and includes anyone who still has a Chinese household registration & stays

in China for more than 183 days (vs our previous expectation of those with a HK ID

card as out of scope); 2) the scope of investments, with no relief expected on FX

restrictions which prohibits RMB-converted funds to be used for investment property

and insurance investment products - with HSBC more exposed to any scrutiny on

existing insurance assets given its insurance manufacturing business compared

to StanChart with its third-party distribution model, and; 3) existing offshore

financial assets which may be in scope (alongside new funds) and which may require