This book investigates the merits of a diverse banking system with a special focus on the performance and role of cooperative banks in seven European countries: Austria, Finland, France, Germany, Italy, the Netherlands, and Spain. The authors compare banks that aim to maximize shareholder value with cooperative banks that concentrate on increasing ""stakeholder value"" for a larger and more diversified group of subjects representing varied interests. The theoretical and empirical arguments that are developed support the view that it is economically beneficial to have banks looking out for both shareholders and a broader group of stakeholders.