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ECB's De Guindos says larger banks in euro zone should consolidate transnationally

Reuters

MADRID (Reuters) - Larger banks in the euro zone should consolidate transnationally, while for smaller lenders domestic-level mergers are a reasonable way to reduce costs, the European Central Bank's Vice-president Luis de Guindos said on Friday.

Guindos also said that Spain's state-owned Bankia <BKIA.MC> should end up being privatised.

The Spanish government has until 2021 to offload its roughly 60% stake in Bankia.

(Reporting By Jesús Aguado and Clara-Laeila Laudette; editing by Jesús Aguado)