European Banks Daily

Research evidence excerpt

European Banks Daily

J P M O R G A N Europe Equity Research

17 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

Spanish Banks:CNMC opens mortgage probe – precedent points to a soft J.P. Morgan Securities plc

landing

Specialist Sales contact details:Marta Sanchez Romero (44-20) 3493-2517

Spain’s mortgage market is, by most measures, one of the most competitive in Europe Gigi Sparling - Specialist Sales -

European Financials(Figure NaN). All the more surprising, then, that the country’s antitrust authority, the

(44-20) 7134-0355

CNMC, today opened a probe into the listed Spanish banks for possible breaches of ghislaine.sparling@jpmorgan.com

Article 1 of the Spanish Competition Act. The regulator has 24 months to reach a

conclusion. Precedent offers some comfort: the last high-profile investigation into the

sector — the 2023 deposits probe — was closed in the banks’ favour after two and a

half years, and we expect a similar outcome here. We rate CABK, BBVA, and BKT

Overweight.

Research

EMEA

Investec Plc:Negative read-across from Rathbones’ UK regulatory challenges

Baron Nkomo (27-11) 507-0385

Our Take: Rathbones (not covered) has disclosed that, following engagement with

the UK Financial Conduct Authority (FCA), it undertook an independent “skilled

person review” of its UK Wealth Management business which identified material

compliance and control weaknesses, triggering immediate operational restrictions

and a multi‑year remediation plan. This matters for Investec because it owns a 41.25%

stake in Rathbones via its UK Wealth segment (c.9% of Investec’s earnings). Any