European nations join in Greece's savings exodus

Deposits shifted around Europe dramatically last year, analysis of data from more than 120 listed European banks show.

More than 120 billion euros was taken from two banks in Belgium alone, including an exodus of customer deposits from Dexia, which had to be bailed out and restructured. KBC also saw a big outflow.

Some 90 billion euros was taken from France's banks, including around 30 billion each from Credit Agricole and BNP Paribas. French banks were hit last year by their heavy exposure to Greece and concerns about their liquidity that forced them to accelerate plans to shrink.

Worries the eurozone crisis would spread also saw about 30 billion euros in deposits leave Italian banks, although inflows to BBVA helped limit the net outflow from Spain.

Cash flooded into Britain; more than 140 billion euros was deposited in four big banks alone. The UK benefits from its position outside the eurozone and its Asia-focused banks HSBC and Standard Chartered are seen as particular safe-havens.

Other banks to see big inflows included Barclays, Germany's Deutsche Bank, Switzerland's Credit Suisse and UBS and Russia's Sberbank and VTB.

1|2

SHARE CLOSE
Blogger		Google+
Live Journal		Plurk
Stumble Upon

Tweet

	PREVIOUS ARTICLE
	JPMorgan chief executive gets crisis marks but war isn't over

NEXT ARTICLE
Asia-Pacific spurs global growth

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

 Receive China Post promos
 Respond to this email

Submit