European banks' exposure to Turkey
urkey’s economic crisis poses a threat to European banks with business in the country.
Spain’s BBVA (BBVA.MC), Italy’s UniCredit (CRDI.MI), France’s BNP Paribas (BNPP.PA), Dutch bank ING (INGA.AS) and Britain’s HSBC (HSBA.L) are the most exposed to Turkey and vulnerable to its free-falling currency.
Analysts see as manageable even a worst case scenario - which they deem unlikely at present - under which these banks would be forced to write off completely their local operations or exit the country.
But Turkey’s trouble are feeding risk aversion among investors, who worry about financial market turmoil spreading to other emerging countries or even Italy, which faces key decisions over its budget and credit ratings after the summer.
Here is a summary of the five banks’ Turkish exposure and of analyst estimates of the possible impact of the crisis
L'intero articolo:
Factbox: European banks' exposure to Turkey