👉 A bit of economics: if there are fewer large banks 🏦, the banking system becomes more efficient (it benefits more from economies of scale), meaning it can operate at lower cost.
This can push financial product prices down 📉 and thereby generate stronger competition. 👍
There are international examples of this as well, such as 🇸🇪 Sweden and 🇦🇹 Austria, where fewer than 5⃣ major banks operate.