Emerging-market bets turn sour for top UK, Spanish banks

Madrid

EUROPEAN banks that staked their growth on emerging markets face a worsening profit outlook as turmoil roils economies from Asia to South America.

Standard Chartered plc's Bill Winters, who took over as chief executive officer in June, may see bad loans soar in Asia, where the bank makes most of its profit. Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain's largest lenders, both rely on income from Latin America as low interest rates limit growth at home.