Shares in BNP Paribas, which has some of the largest operations in Turkey among eurozone banks, dropped 4.4 percent Friday.
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Investors dumped eurozone bank shares Friday on concerns about their exposure to Turkey, as the lira fell to yet another record low with a defiant government showing few signs it is ready to take decisive steps to stabilize the currency.The eurozone bank sell-off was exacerbated by a report in the Financial Times claiming that the European Central Bank is increasingly concerned about some lenders, particularly BBVA of Spain, UniCredit of Italy and BNP Paribas of France, as they have some of the largest operations in Turkey among eurozone banks.Shares in BBVA were down 5.7 percent late Friday, UniCredit was off 6.4 percent and BNP dropped 4.4 percent, all exceeding a 4.3 percent drop in the eurozone bank index.However, a report by Credit Suisse said Turkey remained a risk for UniCredit, Italy's biggest bank by assets, as the depreciation of the lira could further hit its core capital – which came in lower than expected at the end of June.
FOLLOW THIS ARTICLE