Banks to Sell $40 Billion of Assets Amid Euro Crisis, KPMG Says

European banks are planning to sell more than 30 billion euros ($40 billion) of assets as the debt crisis increases the need to raise capital, according KPMG LLP.

European lenders are accelerating asset sales after disposing of more than 26 billion euros of loans this year, according to a KPMG study released today. While the amount has been far from the “flurry of activity that was widely expected,” regulatory pressures and a deepening of the European debt crisis is forcing lenders to accept lower prices, the report said.