European lenders may create 'new wave' of buyouts, Bain says

European banks will create a "new wave" of takeover opportunities for private equity firms as lenders sell their payment services and asset-management divisions, according to a Bain & Company executive. "Banks will refocus on their core business and private equity firms can support that," Paolo Bordogna, European regional financial-services practice leader at consulting firm Bain & Company, said in an interview at the World Economic Forum in Davos. "Mid-size banks or 'national champions' will think of spinning off assets, such as international payments, and merging them with other firms."