EMEA Banks Dashboard

研报英文原文证据摘录

EMEA Banks Dashboard

EUROPE | Banks EquityJuneResearch27, 2026

Exhibit 1 - Performance this week - TotalEMEA Banks Dashboard

return (%)

SX7P was down 1% this week, underperforming the SXXP (flat). Top 5 BARCLLOY 3% 3%

NWG 2%

OSB 2%performers were LLOY, BARC, NWG, OSB and PAG. Worst performers were PAG 1%

SXXP 0%TPIER, FBK, ALPHA, DBK, and BAMI. BAMISX7P -1% -4%

DBK -4%

ALPHA -5%

Lloyds and Aldermore? Sky News says Lloyds has begun preparations for a possible bid for TPEIRFBK -5%-5%

Aldermore. At recapitalised book value (c.£1.4bn) or below, we think this could be a good deal . -6% -4% -2% 0% 2% 4%

with potential ROI of c.20%. Just as importantly, it increases focus on the small- to mid-cap Source: Bloomberg, Jefferies

sector and the prospect for further consolidation. Indeed, we think there could be lots of activity

in the coming years, particularly if the UK deposit market remains as bifurcated as today.

UBS First View: 2026 Fed Stress test unlocks more capital. Incrementally helpful US stress-

test result. UBS's performance in the 2026 US stress-test results implies around $2bn of

potential incremental excess capital. Whilst performance in the US stress-test results is not

the binding constraint for UBS, this is nevertheless a positive given it comes on top of the

company's existing plans to repatriate $2bn capital out of the US IHC by 2028.

French Banks: Livret A data - fifth month of regulated savings outflows. Data for May shows

outflows in French regulated savings accounts for the fifth consecutive month, -€800m, or

cumulative €6bn of outflows YTD across the key products (with life insurance products the

beneficiary). The Livret A rate is set to rise in August following the ECB's recent 25bps hike and