October 19, 2016 / 5:55 PM / 10 months ago

Banks that don't adapt to new reality will fail, ECB's Nouy says

Daniele Nouy, chair of the Supervisory Board of the European Central Bank, attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain May 24, 2016.Susana Vera

FRANKFURT (Reuters) - Banks that do not adapt to the new reality of low interest rates, competition from fintech companies and tighter regulation will fail, one of the European Central Bank's top supervisors said on Wednesday.

"The banks that adapt will thrive, those that don’t will fail," Danièle Nouy, chair of the ECB's supervisory board, said on Wednesday.

Reporting By Francesco Canepa; editing by Ralph Boulton

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