Bank consolidation refers to the process of combining multiple banks or financial institutions into a single entity. This can be done through mergers, acquisitions, or other forms of consolidation.
The goal of bank consolidation is to create a more efficient and effective banking system, which can lead to cost savings, improved services, and increased competitiveness.
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There have been several successful examples of bank consolidation in the past. For instance, the merger between Wells Fargo and Wachovia created one of the largest banks in the US.
Another example is the acquisition of Bank of America by Merrill Lynch, which resulted in a significant increase in market share and competitiveness.