EMEA Banks Dashboard

Research evidence excerpt

EMEA Banks Dashboard

Global | Banks EquityJuneResearch20, 2026

Exhibit 1 - Performance this week - TotalEMEA Banks Dashboard

return (%)

SX7P was up 5% this week, outperforming the SXXP (+1%). Top 5 BAMIABN 9% 10%

DBK 9%

BCP 9%performers were BAMI, ABN, DBK, BCP and SAN. Worst performers were SAN 8%

SXXP 1%OSB, NDA, PAG, SHBA and SWEDA. SWEDASX7P 5% 2%

SHBA 2%

PAG 1%

US scaling, Asia flywheel, IB kicker – the momentum is broadening. We see US & Asia Wealth NDAOSB 0% 1%

and an IB with the right mix (equity and M&A) as contributors to an EPS that is 18% > consensus . 0% 2% 4% 6% 8% 10% 12%

for Q2 26 and 13% ahead over '26-28E. Further, we regard UBS's valuation of 1.4x '28E TBV Source: Bloomberg, Jefferies

as dislocated amidst perceptions on a range of outcomes for backing foreign subs, which we

view from 0 incremental CET1 to the worst-case mid-single-digit $bn level. SOTP-derived price

target to CHF 60, given more appropriate multiple on the IB.

Execution Driving Upside – BGN Raised to Buy. We upgrade Banca Generali to Buy, with

c.20% potential upside, as flows are turning and visibility improves, with April–May momentum

supporting a clearer inflection into 2H26. The Alleanza partnership and Intermonte acquisition

should structurally lift margins and commissions, yet we still view their impact—and rate

upside—as under-reflected in consensus EPS. Reiterate Buy on Fineco, supported by solid

inflows and incremental earnings from pipeline initiatives.

UK Banks: The scale of Burnham's win in Makerfield arguably provides another excuse to avoid

domestic banks. But any ideological pivot at the top of the Labour Party will be contained by

fiscal considerations, and must be balanced against the prospect of a more electorally resilient

and stable leadership.