Finally, looking at valuation, European banks traded at a material discount to
tangible book value, one standard deviation3 below their historic forward price - earnings multiple, and
near a 20 - year low relative to global banking peers as the year came to a close.4 We are also finding select financial sector
values in Asia, in both mature, under - earning banking markets like South Korea and Singapore, as well as underpenetrated, growth - oriented markets like China (particularly in insurance) and India (particularly in banking).