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Europe banks lose 40b euros in value as Greece shuts lenders

Stoxx 600 Banks Index down as much as 4.4%, the biggest intraday decline since November 2011

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Lenders in Italy, Portugal and Spain were among the biggest decliners, led by Banco Comercial Portugues. Spain's Banco Popular Espanol SA fell 6 per cent and Banco de Sabadell SA decreased 4.9 per cent.

Milan

EUROPEAN banks slumped the most since 2011, erasing more than 40 billion euros (S$60 billion) in market value, after Greece imposed capital controls and shut lenders.

The Stoxx 600 Banks Index fell as much as 4.4 per cent, the biggest intraday decline since November 2011,