This article investigates the complex interplay between the Banking Union (BU), Capital Markets Union (CMU), and Economic Adjustment Programmes (EAPs) in shaping the financial sectors of Greece and Cyprus, with a focus on core–periphery divergences within the euro area. Drawing on a comparative, mixed-methods approach, the study integrates quantitative analysis of non-performing loan (NPL) ratios, indicators of market concentration, and sectoral employment with qualitative examination of policy frameworks, legal instruments, and institutional reforms. The findings reveal that EAP-driven restructuring, in conjunction with supranational financial integration initiatives, has led to unprecedented consolidation of banking assets and the proliferation of private debt investors in the periphery. These processes have deepened dependency and structural inequalities between core and peripheral member states, as evidenced by the dominance of a few major credit institutions and the transfer of distressed assets to international investors. The research situates these developments within the broader theoretical context of financialization and dependency, highlighting the mechanisms through which EU crisis management and market-oriented reforms have reconfigured the institutional landscape, rein-forced core–periphery asymmetries, and shaped the trajectory of economic governance in the euro area. The article concludes that while BU and CMU reforms have contributed to financial stability, they have also entrenched patterns of uneven development and de-pendency, raising critical questions about the distributive consequences of European financial integration.