Report
Esther Castro ...
  • Maria Paz Ojeda
EUR 200.00 For Business Accounts Only

SECTOR BANCARIO EUROPA: LA DECEPCIÓN DEL BCE AHOGA EL ALIVIO EN CAPITAL (ANÁLISIS BANCO SABADELL)

Las medidas anunciadas hoy por el BCE se quedan cortas principalmente por el lado de capital (la clave estaba en una mayor flexibilidad en el calendario de provisiones) y por el lado de las compras de activos decepciona en cantidad (muy lejos de las adquisiciones de 2016) y en calidad de los activos (ausencia de otros activos como deuda financiera o equity). A partir de aquí, será necesaria una actuación coordinada y contundente fiscal y regulatoria.
De todas las medidas adoptadas y a expensas de los ajustes de cada banco en el P2G (no público), en base a los colchones de capital actuales, los bancos españoles serían de los menos beneficiados (dados los menores colchones exigidos en anti-cíclico, fundamentalmente). Además hay que mencionar que el foco de atención estará en las indicaciones en cuanto al calendario de provisiones (particular para cada entidad) del que por el momento desconocemos las indicaciones.
Underlyings
Banco Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.

Banco Santander S.A.

Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.

BNP Paribas SA Class A

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.

ING Groep N.V.

Societe Generale S.A. Class A

Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.

UniCredit S.p.A.

Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.

Provider
Sabadell
Sabadell

Analysts
Esther Castro

Maria Paz Ojeda

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