UniCredit SpA, Commerzbank AG and Deutsche Bank AG are drawing the biggest skepticism in terms of their valuation among European lenders as they struggle to shore up capital buffers and boost profitability. A slump in shares has left most of the region’s largest banks trading at less than what investors would expect to receive if they liquidated their assets. “It’s clear that capital strength and payout potential are most highly prized,” said Jonathan Tyce, an analyst at Bloomberg Intelligence in London.

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