> However, this lowers the appeal for new entrants to enter these markets to compete for these excess profits through better and more efficient products and ser

> However, this lowers the appeal for new entrants to enter these markets to compete for these excess profits through better and more efficient products and services. And how many de novo banks have there actually been in any country recently? In the US, the land of plenty (banks), there's been one in the last twenty years. Bloomberg's Odd Lots podcast just had an episode on this (including the topic of de novo): * https://www.youtube.com/watch?v=8lPFHWgxq5c https://www.youtube.com/watch?v=8lPFHWgxq5c Banking is low margin, and it takes decades to get any kind of return: few, if any folks, have the patience for that kind of ROI when there are alternatives.