London, UK (PRWEB) July 06, 2015 -- 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
SNL Financial is a leading provider of financial information on more than 6,500 public companies and 50,000 private companies in business sectors critical to the global economy: Banking, Financial Services, Insurance, Real Estate, Energy, Metals & Mining, and Media & Communications. The SNL information service integrates breaking news, comprehensive data and expert analysis into an electronic database available online and updated around the clock.
Caroline Wright, SNL Financial, http://www.SNL.com, +44 2073981326, [email protected]
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