(News Bulletin 247) – The shares of European banks are climbing the slope after having been battered last week under the weight of concerns about their financial solidity. The acquisition of the assets of Silicon Valley Bank (SVB) by its colleague First Citizens supports the trend.
A light breeze of optimism is blowing through the banking sector on Monday morning as the American bank First Citizens buys out the loans and deposits of Silicon Valley Bank (SVB), which went bankrupt in early March.
In Paris, Axa gained 1.7%, BNP Paribas rose 1.2%, while Societe Generale limited its gains to 0.3% after +2.5% at the opening. Crédit Agricole moves in contact with 10 euros, thanks to a slight increase of 0.1%. For its part, the CAC 40 appreciated by 0.6% after having gained 1.5% in the first exchanges.
Friday, the banking compartment had been roughed up on the stock market, due to the persistence of concerns about the solidity of the system. Deutsche Bank concentrated fears after having seen the cost of its instrument against the risk of default climb to the highest since 2018. Some investors fear a domino effect after the Credit Suisse episode.
Obviously, French banks have not escaped the movement of fear. Societe Generale had lost Friday at the close 6% and BNP Paribas 5.3%. Concerns that had also bent all of the European stock markets. The Parisian index ended Friday’s session down 1.74% to 7,015.10 points.
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