Consolidation will be the main theme in 2025, following Unicredit’s moves to acquire Banco BPM and Commerzbank, Banco BPM’s offer for Anima, and shareholders repositioning on Monte dei Paschi. The banking sector’s structure will likely change materially, paving the way for stronger players. The obstructive shareholder structure of several banks could influence the deals’ outcome, but consolidation looks to be inevitable, in our opinion.