European banks sold loans with a face value of about €27bn in the first six months of 2012 – and look set to smash last year's record €36bn, PwC estimates
Takeover will mark the sector's first consolidation ahead of a planned €50bn recapitalisation of Greece's biggest banks under the terms of its second bailout
As bank and sovereign become more closely tied, lenders in weaker countries have in effect been seen as proxies for problems in the sovereign and vice versa