File - Flags of the EU wave in the wind outside the European Commission headquarters in Brussels, Monday, July 1, 2013. (AP Photo/Yves Logghe)
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European banks will beat other financial sector investments this year, but valuations will not catch up to international peers until regulatory uncertainty fades and loan growth picks up, a survey of investors by Morgan Stanley has found.The bank polled about 200 investors at a recent closed-door London conference that attracted about 120 chief executives, finance heads from major global banks, policy makers and about 800 investors. Almost half of the investors fear that the European Central Bank will set a common equity tier one ratio of at least 12 per cent for the 130 eurozone banks it supervises, well above the 4.5 per cent demanded by international rules and the 8 per cent set in the ECB's recent stress tests.More than half expect European banks to raise at least €20bn of equity this year over and above equity raises already been announced.
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