HSBC Tops SNL Financial’s Ranking of European Banks for the Third Successive Year

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HSBC Holdings remained atop SNL Financial's list of the top 50 European banks by total assets, ahead of BNP Paribas.

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Germany was home to seven banks in the most recent top 50, more than any other country. The U.K., Spain and France each had six banks in the top 50.

HSBC Holdings Plc remains atop SNL Financial's ranking of Europe's 50 largest banks by total assets for the third successive year, although its position was distorted by the fall in the euro against the dollar and other major currencies.

BNP Paribas SA remained in second place and was the only other European bank to cross the €2 trillion asset mark in SNL's pro forma ranking, which is adjusted for recent and pending M&A.

The reported assets used in SNL's pro forma ranking were converted to euros using end-of-period exchange rates where applicable. However, SNL also created an adjusted ranking in which the reported currency for non-euro filers was converted using a June 10, 2015, valuation. The euro closed at $1.1307 June 10, according to SNL Financial data, having been worth $1.0734 at March 31, 2015, $1.2105 at Dec. 31, 2014, and $1.3687 at June 30, 2014.

Among recent M&A transactions, Barclays sold its €21.63 billion Spanish unit to CaixaBank SA, while Banco Bilbao Vizcaya Argentaria SA added €52.45 billion in assets by buying Catalunya Banc SA. HSBC, meanwhile, plans to offload its unit in Turkey and the bulk of its operations in Brazil.

Pending transactions include Banco de Sabadell SA's purchase of U.K.-based TSB Banking Group Plc, whose nearly €35 billion of assets pushed the Spanish bank up five places to 41st in the rankings. Bankia SA will shed about €3.6 billion of assets should its long-pending sale of CM Florida Holdings Inc. complete.

Germany was home to seven banks in the most recent top 50, more than any other country. The U.K., Spain and France each had six banks in the top 50.

Note: Crédit Mutuel Group on June 29, 2015, reported total assets of €706.72 billion as of Dec. 31, 2014, based on which its position in the ranking would be 16th, rather than 19th.

About SNL Financial
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Caroline Wright
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