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Yannick Naud, French portfolio manager, Geldevon King Asset Management

Election uncertainty impacts French bank valuations

French banks’ valuations are being weighed down by uncertainties over the French presidential election, says Yannick Naud (pictured), French Portfolio Manager at Glendevon King Asset Management in London…

If Hollande is elected, his proposed measures on tightening banking regulations would push up costs and reduce earnings, by as much as 12 per cent according to recent analyst estimations. On top of that, banks will face significantly higher taxes from both Hollande and Sarkozy.
French citizens working in the financial services sector in London are generally in despair at the banking policies proposed by both Hollande and Sarkozy. Many see the two the leading candidates as detrimental for the French banking sector and a sure way to see an exodus of French banking businesses and bankers to London. The French finance community are increasingly seeing the policies of Francois Bayrou as the only attractive offering to the finance community.

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