At Spain’s Santander, Italy’s Intesa Sanpaolo and France’s Société Générale, a trio of strategic initiatives are enlivening a sectoral resurgence evidenced by rebounds in share prices and profitability. (The best institutions now command returns on tangible equity approaching 20 per cent. And after years of underperformance, the Euro Stoxx banks index rose close to 80 per cent last year, more than double the average of US groups.)