BBVA could pay up to about 650p for Lloyds and still enhance its earnings by about 10 percent in year one. |
RBS was the big story but there was a constant focus from all the banks saying they need to maintain capital focus -- linked to trying to demonstrate that they have strong organic growth opportunities. |
We're not saying it's going to happen tomorrow, but we think there's about a 20 to 30 percent probability it (Lloyds) might get taken out in the next few years. |