European nations join in Greece's savings exodus
By Steve Slater and George Georgiopoulos ,ReutersShifting Deposits
May 19, 2012, 12:06 am TWN
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.