rtunities within the EU. In a similar vein, we suggest positioning for greater dispersion within EU banks via buying a call on a basket of Santander, BNP Paribas, ING, Intesa and Deutsche Bank part-financed by selling a worst-of call on the same basket as: ¢ Improving macro/earnings, sensitivity to rates and

bank with good electronic banking solutions (Top 5 in 2017) servicing first class corporate customers and their employees. The shareholders comprise BNP Paribas (60%) and EBRD (40%). = Good coverage ratio of problematic loans, a practice of French banks we have observed in many occasions with recent experien