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Hello. My name is Ian Lapey. I am the portfolio manager of the Gabelli Global Financial Services Fund. Today I am going to discuss the attractive investment opportunity in European banks.
Last week Christine Lagarde, the president of the ECB, raised its deposit rate by 25 Basis points to 3.5% and indicated that there are more interest rate hikes to come. These higher rates should increase the net interest income and earnings for European banks.
