Magazine article Global Finance

European Banks Exposed to Turkey's Economic Problems

Magazine article Global Finance

European Banks Exposed to Turkey's Economic Problems

Article excerpt

Spain's BBVA and Italy's UniCredit are among a handful of European banks with the biggest exposure to Turkey's economic and currency crisis. BBVA owns 49.9% of Turkey's Garanti Bank, while UniCredit owns approximately 40% of Yapı Kredi through a local joint venture.

France's BNP Paribas holds a 72.5% stake in small retail bank TEB. Dutch bank ING has a fully-owned subsidiary, ING Turkey. Britain's HSBC has operated a subsidiary in Turkey since 1980, but it has a smaller exposure than the other banks.

BBVA is the most exposed, with about 13% of its total loan book in the country, according to analysts at Morgan Stanley. …

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