Business Maverick: European Banks Led by BNP to Benefit From Basel Rule Change

Banks headquartered in Europe’s banking union, which encompasses mainly the countries that share the euro, would see cross-border exposures within the bloc treated as domestic ones, which are considered less risky, according to documents from the Basel Committee on Banking Supervision seen by Bloomberg.

European bank stocks rose as the decision marks a win for lenders that have long argued regulators and investors should view the bloc as a unified market since, like the U.S., it shares a common currency and has a joint central bank, supervisor and resolution framework. It also dangles relief just as Russia’s war in Ukraine forces lenders in the region to set more money aside for troubled credit and prepare for the prospect of a long-lasting economic shift.

Spokespeople for the Bank of International Settlements, which handles communication for the Basel Committee, and for the European Central Bank, which oversees the euro area’s biggest banks, declined to comment. A spokeswoman for BNP Paribas also didn’t want to comment. BNP would see its buffer requirement fall by 0.5 percentage points, while Deutsche Bank would remain in the current bucket for capital requirements, according to confidential calculations by the ECB based on data as of the end of 2020. UniCredit SpA and ING Groep NV also stand out as major beneficiaries in the ECB’s analysis.

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