The European Investment Bank (EIB) is taking big steps to speed up its support for defense and security in Europe. The bank, which is owned by European Union governments, has cut the time it takes to approve defense projects to just six months. According to its president, Nadia Calvino, this faster process is meant to ensure that urgent projects can move forward without long delays.

U.S.-based investment banking firms like B. Riley Financial Inc. (NASDAQ: RILY) are likely to study these changes and see how they can benefit from similar tweaks to their…

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