THE EVENT: European financial stocks have been hit by mounting
worries over their exposure to weak economies in the region since
ratings agency Standard & Poor's downgraded Spain's sovereign
debt by one notch, reduced Greece to junk status and cut Portugal
to A-minus.
The European Union and the International Monetary Fund have
since agreed a three-year EUR110 billion loan package for Greece
intended to help restore the country's economy but has done little
to assuage market concerns that debt problems could spread.
Below is a list of exposures declared by individual banks and
insurance companies:
FRANCE:
*Credit Agricole (ACA.FR): Greek government bonds EUR850
million, of which its Emporiki Bank of Greece (TEMP.AT) unit
accounts for EUR600 million. Greece commercial commitments EUR2.4
billion, mainly secured lending against ships and trading
transactions. Greek interbank risk EUR180 million. Holds minority
stakes in Banco Espirito Santo (BES.LB) of Portugal and Bankinter
(BKT.MC) of Spain.
*Societe Generale (GLE.FR): Greek state exposure of EUR3 billion
at end-April. Overall exposure to Portugal, Italy, Ireland, Greece,
Spain around EUR13 billion. SocGen owns a majority stake in Greek
bank Geniki.
*BNP Paribas (BNP.FR): Exposure to Greek sovereign debt around
EUR5 billion, commercial sector exposure around EUR3 billion,
mainly in the shipping sector with loans secured by assets.
*Natixis (KN.FR): Greek exposure at end-April EUR882 million.
Greek sovereign debt EUR160 million. Commercial exposure EUR618
million, mainly international shipping sector companies, project
finance. Greek bank exposure EUR104 million.
*BPCE: Greek exposure at end-April EUR2.1 billion, includes
EUR1.4 billion sovereign debt.
*AXA (AXA): At end March, government bond exposure EUR5.2
billion for Italy, EUR3.8 billion for Spain, EUR800 million for
Portugal, EUR500 million for Greece and EUR400 million for
Ireland.
*CNP Assurances (CNP.FR): Net of policyholder participation and
tax, Greece EUR113 million, Portugal EUR154 million, Spain EUR241
million, Ireland EUR103 million, Italy EUR438 million.
GERMANY:
*Deutsche Bank (DB): Greece very limited, no comment on
others.
*Deutsche Postbank AG (DPB.XE): Greece EUR1.3 billion. Portugal
EUR50 million, Spain EUR1.2 billion, Ireland EUR350 million, Italy
EUR4.7 billion.
*Commerzbank (CBK.XE): Greece EUR3.1 billion, total of EUR26.5
billion public finance exposure to Greece, Ireland, Italy, Portugal
and Spain.
*Munich Re AG (MUV2.XE): Greece EUR2.1 billion, Portugal EUR800
million, Spain EUR2.1 billion, Italy EUR5.1 billion.
*Hannover Re (HNR1.XE): Greek exposure EUR35 million.
*Allianz (ALV.XE): Greece EUR900 million, Portugal EUR500
million, Spain EUR1.8 billion, Italy EUR7.6 billion.
*Hypo Real Estate: Greece EUR7.9 billion, Portugal EUR1.7
billion, Spain EUR2.7 billion, Italy EUR26.5 billion.
UK:
*Lloyds Banking Group (LYG): Greece, Portugal not material.
*Royal Bank of Scotland Group (RBS): Credit exposure, Greece
under GBP1 billion (personal, sovereign, banks/financial
institutions/corporate), Portugal GBP1.4 billion (GBP42 million
sovereign, GBP1.1 billion corporate).
*Barclays (BCS): Greek government debt exposure, GBP200 million.
Exposure through retail and wholesale banking is small.
It also described as small its overall exposure to Spain and
Portugal, amid increasing concerns that those countries will follow
Greece and require international capital.
*Standard Chartered (STAN.LN): None.
*HSBC (HBC): Greek sovereign bonds EUR1.5 billion. Exposure to
markets hit by Greek crisis small.
*Aviva (AV): Greece end-March GBP500 million. Greece, Portugal,
Spain end-December GBP1.2 billion sovereign debt, or 2% of
shareholder debt securities.
*Prudential (PRU.LN): Greece, Portugal, Ireland none. Spain GBP1
million.
*Standard Life (SL.LN): Minimal.
SWITZERLAND:
*Credit Suisse (CS): Not material.
*UBS (UBS): Some exposure to Spanish debt, minimal exposure to
Greece and Portugal.
*Swiss Reinsurance (RUKN.VX): Government bonds at end-2009:
Greece CHF482 million, Portugal CHF50 million, Spain CHF127
million.
*Swiss Life (SLHN.VX): Cut its exposure to Greece to around
CHF250 million from around CHF335 million in February. Exposure to
Portugal, CHF170 million.
ITALY:
*Assicurazioni Generali SpA (G.MI): Greece EUR749 million,
Portugal EUR600 million, net of policyholder participation and
tax.
*Intesa Sanpaolo (ISP.MI): Government bonds, Greece EUR1
billion.
*UniCredit (UCG.MI): Not material.
BELGIUM:
*KBC (KBC.BT): Government bonds, Greece EUR1.2 billion, Portugal
EUR600 million, Spain EUR2.4 billion.
*Fortis Holding (FORB.BT): Government bonds, Greece EUR3.152
billion, Portugal EUR2.25 billion, Spain EUR1.78 billion.
*Dexia (DEXB.BT): Declined to comment.
NETHERLANDS:
*ING Groep (ING): Greece EUR3 billion, Portugal EUR1.9 billion,
Spain EUR3 billion, Italy EUR7.9 billion.
*Aegon (AGN.AE): Greece EUR92 million, Portugal EUR58 million,
Spain EUR1.78 billion, Ireland EUR138 million, Italy EUR143
million.
*SNS Reaal (SR.AE): Greece EUR266 million, Spain EUR798 million,
Italy EUR1.46 billion.
SPAIN:
*Banco Bilbao Vizcaya Argentaria SA (BBVA): Little exposure to
Greece, Portugal.
*Banco Santander (STD): Greek government bonds EUR200 million in
its ALCO bond portfolio, Portugal EUR3.3 billion in government
bonds, Spain EUR24 billion in government debt.
*Mapfre SA (MAP.MC) has EUR540 million in Greek debt, or 1.7% of
its bond portfolio, and a similar amount of Portuguese debt.
SWEDEN
*Svenska Handelsbanken (SHB-B.SK): Greek bank exposure SEK16
million. No exposure to the state of Greece.