Top UK and European Banks Respond to New Bank of England Appointment: Financial Business Wrap

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The United Kingdom was surprised at Monday’s appointment of Mark Carney, the current governor of the Bank of Canada, as the new governor of the Bank of England. Along with his mentioned position, Carney is also chair of the global Financial Stability Board (FSB). However, observers are wondering just what the choice might entail for the U.K. banking industry. From Switzerland, UBS (NYSE:UBS) believes that the appointment allows the regulatory environment in the UK to be reshaped into one that carries a more conciliatory tone, as Carney wants banks to be more robustly capitalized, but it might be expected that such results might be more broadly balanced under his tenure. Further, UBS now thinks that the risks linked with investment in United Kingdom banks are reduced, and thus has upgraded The Royal Bank of Scotland (NYSE:RBS) to Buy. Meanwhile, shares of Lloyds Banking Group (NYSE:LYG) and Barclays (NYSE:BSC) also traded higher in London on Tuesday.

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