Shares of Foreign Banking Stocks Fall as Cyprus Proposes Deposit Tax
RDInvesting Provides Stock Research on Banco Santander and Banco Bilbao Vizcaya Argentaria
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 03/19/13 -- The financial sector took a hit Monday after the Mediterranean nation of Cyprus proposed a tax on current bank deposits, sending the Euro to a three-month low of $1.2880. The proposal invoked fears across Europe that deposits in other struggling countries may be also be targeted. Research Driven Investing examines investing opportunities in the Financial Sector and provides equity research on Banco Santander, S.A. (NYSE: SAN) and Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA).
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The potential tax would see the government seize 6.75 percent of deposits below EUR 100,000 ($130,860), and up to 9.9 percent on those above EUR 100,000. The tax, which was a result of an agreement between Cyprus and its European partners, would make the nation eligible for a EUR 10 billion ($13 billion) bailout from the Eurozone and the International Monetary Fund.
"This sets a worrying precedent for Spain and Italy, but doesn't make widespread bank runs imminent," said Dario Perkins, an analyst at Lombard Street Research.
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Banco Santander SA operates principally in Spain, the United Kingdom, Portugal, the Latin American countries and the United States. It operates in four segments: Continental Europe, the United Kingdom, Latin America and Sovereign. Shares of the company have fallen over 10 percent year-to-date.
Banco Bilbao Vizcaya Argentaria SA is a Spain-based international financial group with presence in 32 countries. The Company's activities are focused in such business units as banking, pension and insurance in Spain and Portugal, Mexico and South America. Shares of the company declined 4.06 percent Monday.
Research Driven Investing has not been compensated by any of the above-mentioned publicly traded companies. Research Driven Investing is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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Datum: 19.03.2013 - 07:20 Uhr
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