BBVA Leads Europe Bank Declines on Mexican Fees Proposal
- Spanish lender falls as much as 7 percent, most in two years
- Mexico accounts for more than 40 percent of BBVA’s net income
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Spanish banks were hit for the second time in a week after the Mexican government proposed scrapping certain bank commissions, including ATM withdrawal fees.
Banco Bilbao Vizcaya Argentaria SA plummeted as much as 7 percent, the biggest intraday drop in two years. The lender was down 5.7 percent as of 4:25 p.m. in Madrid trading, the largest decliner in the benchmark Stoxx 600 Banks Index. Mexico accounted for more than 40 percent of its net income in the first nine months. Banco Santander SA, which also has a large Latin America presence, fell as much as 2.6 percent.