A fresh round of capital raisings
totalling as much as $78 billion could take place across the
European financial services sector over the next six months as
banks look to meet capital requirements and pay back funds,
JPMorgan Securities has said.
Banks such as France’s Société Générale
(SocGen) have announced capital raising roughly in line with
JPMorgan’s estimates subsequent to the publication of the report on
5 October.
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SocGen announced a €4.8 billion ($7.1 billion)
capital raising on 6 October; JPMorgan estimated that a $6 billion
shortfall at SocGen, coupled with an estimated $17 billion at
Commerzbank in Germany and a collective $17 billion at Allied Irish
Banks and Bank of Ireland would form over 50 percent of the total
requirement at European banks.
The analysts said that HSBC and Swiss wealth
managers UBS and Credit Suisse were the European banks with the
most excess capital.
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