As concern mounts over financial conditions in eastern Europe, CreditSights takes a look at which banks are most exposed.
“Our conclusion is that three banks stand out in terms of the size of their exposure relative to the rest of the bank: Raiffeisen Zentralbank Österreich (Vienna: RIBH) and Erste Bank (Vienna:EBS) in Austria and Swedbank (Stockholm: SWEDA) in Sweden”
The two Austrian banks, in particular RZB, are present in a large number of countries, while Swedbank’s exposure is concentrated in the three Baltic countries, Estonia, Latvia and Lithuania, and, to a lesser extent, Ukraine.
“UniCredit (Italy: UC) is well-known as a major player in the region, although analysis of its loan exposure is complicated by a lack of country-specific data in the 3Q08 figures that we have had to use, because it does not report FY08 until 17th March. It comes out in the second tier according to our methodology … although this understates its exposure, and it could be considered as one of the first tier by certain measures”
For details of CreditSights’ analysis and exposure
