Economics
Raiffeisen, SocGen Plummet as Ruble Slide Triggers Bank Worries
This article is for subscribers only.
Raiffeisen Bank International AG and Societe Generale SA, the European banks with most at stake in Russia, led European lenders lower as the ruble continued its slide today, defying a surprise rate increase.
Raiffeisen fell as much as 10.3 percent to 11.40 euros in Vienna, the lowest level since it went public in 2005. Societe Generale dropped as much as 7.3 percent to 31.85 euros, hitting the lowest intraday level since August 2013. The STOXX 600 Banks index was 1.4 percent lower at 2:25 p.m. in London.