European banks, led by those from France and Belgium, are seeking to sell Persian Gulf loan books to Arab banks to help raise cash as the sovereign-debt crisis drags on, bankers familiar with the offerings said.
France’s BNP Paribas SA (BNP) and Societe Generale SA (GLE), Belgium- based Dexia SA (DEXB) and KBC Groep NV (KBC), and Italy’s Intesa Sanpaolo SpA (ISP) and UniCredit SpA (UCG) are among lenders seeking buyers for project finance and corporate loans in the region, five bankers who were approached with deals said, declining to be identified because the information is private. The offers were made over the past six months, they said.
Europe’s banks are curtailing some types of lending and selling businesses to meet regulators’ demands for higher capital as the debt crisis worsens. Banks across Europe have pledged to cut more than 950 billion euros ($1.2 trillion) of assets over the next two years, according to data compiled by Bloomberg.
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