Given our view that European monetary policy remains accommodative while growth prospects have brightened, we recently initiated a position in BNP Paribas S.A. (LSE:TRYS) of France, which we believe was offered at a particularly attractive valuation given concerns over the upcoming French elections at the time of our purchase. We are seeing the beginning of a lagged upturn in credit growth across Europe, and believe we will see rising earnings momentum and strength across Financials in many of the European countries as we look ahead over the next year or two, and continue to actively look for investment opportunities in the region.
From Baron Insights: Banking on Growth in International Financials.
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