European Banks: Little Delight From Turkey
Turkey's rapid economic growth was fuelled by a surge in credit, and the recent collapse in the value of the lira threatens to topple this house of cards. Banco Bilbao Vizcaya Argentaria, Unicredit, ING, and BNP Paribas respectively derive 14%, 10%, 5%, and 3% of their profits from Turkey, which is at risk.Our base-case scenario is that the Turkish economy goes through a phase of painful rebalancing during which it weans itself from its reliance on foreign funding. Turkish banks' profitability ...
BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.
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