Several banks on the Old Continent, notably French and German, saw their share prices drop in the morning due to concerns within the American banking sector around the SVB Financial Group.
Is a wind of panic blowing over the American and European banking sectors? Although it is still too early to tell, the difficulties encountered by the Californian bank SVB Financial Group seem to have had widespread repercussions in Europe on the morning of March 10.
Thus, in France, the vast majority of banks are going through turbulence. The Societe Generale share lost 5.37% at 9:50 a.m. on the Paris Stock Exchange, that of BNP Paribas 4.73% and that of Crédit Agricole 3.22%.
Across the Rhine, the Deutsche Bank title lost 7.90% at 9:55 a.m. on the Frankfurt Stock Exchange and that of Commerzbank 4.57%.
Swiss banks also seem to be affected, the UBS share price losing for example 4.41% at 10 a.m. and that of Credit Suisse 3.93%.
On the London Stock Exchange, the Barclays stock fell by 6.76% at 10:05 a.m. and on the Milan Stock Exchange, the shares of Intesa Sanpaolo and Unicredit lost 3.36% and 2.86% respectively.
The European banking sector has, it seems, borne the brunt of the situation of the American bank SVB Financial Group, which announced on March 8 an increase in its liquidities of 2.25 billion dollars to face a bad balance sheet, weakened by large customer withdrawals, thus posing a risk of a bank run.
In addition, SVB Financial Group appears to have hastily disposed of a $21 billion portfolio of financial assets, resulting in a net loss of $1.8 billion for the institution.
American banks have also had to encounter difficulties in the financial markets. On Wall Street, on March 9, the action of Bank of America fell by 6.20%, that of Wells Fargo by 6.18%, that of Citygroup by 4.10% and that of Goldman Sachs by 2.06%. .
Details to follow…
