European banks are at risk of losing their money in Egypt

Thousands demonstrations and riots in Egypt, risking escalate into civil war, is seriously concerned about the leadership of the largest banks in Europe. According to the Bank for International Settlements, the European credit institutions, especially France and Britain, the Egyptians gave substantial loans. By the end of January last year, foreign banks granted the Egyptian borrowers loans worth 49.4 billion dollars, with most of these funds (40.3 billion dollars) was granted a loan is the European structures. Thus, the Egyptians were the largest creditors French banks that provided loans amounting to 17.6 billion dollars the second largest loans are provided by the Bank of the former metropolis of Egypt - Great Britain. They gave the Egyptians loans totaling nearly $ 11 billion Significant amounts of borrowed funds in the Egyptian financial system are also Italian and American origin. One of the most active credit institutions of Egypt was the French bank Societe Generale, submitted by the country under the brand name National Societe Generale Bank. On the deposits of this organization at this time is stored 6.2 billion dollars, the volume of loans of 4.1 billion dollars according to the company, the bank is now taking all necessary measures to protect its employees, of which there are over 3700 people. Listening to the recommendations of the local Central Bank, Societe Generale, as well as many other banks, while in no hurry to open their doors to customers. Investors have already reacted to the threat of losing some of its funds by banks in Egypt, dropping quotes credit institutions. The cost of Societe Generale shares on Monday fell more than 1% at 19.00 MSK. At the same time, the market capitalization of its Egyptian subsidiary, during the trading session, fell by almost 10%. Source: bankir.ru