Low valuations hamper bank mergers in Europe - ECB's De Guindos
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MADRID (Reuters) - Consolidation is inevitable among banks in the euro zone, but low profitability and low valuations will make this very difficult in a slowing economy, European Central Bank vice-president Luis de Guindos said on Monday.Profitability across the euro zone bank sector is low and weakening economic growth in the region is expected to further dampen the banks' prospects. Last month, the ECB cut rates deeper into negative territory and promised bond purchases with no end-date, in a..