European banks experienced a new descent into hell on the stock market on Friday.
The Euro Stoxx sector index plunged —%.
In Paris, all establishments were swept away by the wave, but, once again, it was Societe Generale, the most present in Russia, which recorded the largest drop (-10%).
Since the start of the Russian invasion of Ukraine, the bank has lost 30% of its value.
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Economic sanctions against Russia: what you need to know
“Investors are worried about the losses that banks exposed to Russia will suffer as a result of the sanctions and its banishment from the global economy
, explains Flora Bocahut, analyst at Jefferies.
But, at this stage, these losses are very difficult to assess and they will be of a different nature.
In fact, the risks incurred by institutions are multiple.
The most exposed in the euro zone are those that have a subsidiary in Russia.
There are only three left: the Austrian banking group Raiffeisen, the Italian UniCredit and Société Générale.
The latter said…
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