Non-bank lending activity could grow further in Europe over the coming year, as Basel implementation raises banks’ capital requirements, S&P analysts have said.
Unlike in the US, where direct lending to business by non-banks is more common, financial intermediation in Europe is still dominated by banks.
However, James Harvey, private markets editor at S&P Global’s London-based data provider With Intelligence, believes this could change in the coming years.
The co-author of a report on the outlook
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