European banks battered in early trade after Credit Suisse rescue

SHARES in European banks were battered in early trade on Monday (Mar 20) following an unprecedented weekend that saw the historic state-backed rescue of Credit Suisse by UBS and a coordinated central bank effort to bolster the flow of cash around the world.

Shares in Credit Suisse fell over 63 per cent while UBS Group shares were down 12.9 per cent.

An index of bank stocks was down 5.8 per cent at 0821 GMT.

Deutsche Bank dropped 10.9 per cent and Commerzbank was last down 8.5 per cent. French banks BNP Paribas and Societe Generale saw declines of around 8.2 per cent and 7.5 per cent, respectively.

Standard Chartered shares fell to the bottom of the FTSE 350 index - down 7.7 per cent - while Natwest and Barclays fell 7.8 per cent and 7.4 per cent, respectively. REUTERS