The chart below shows the year-to-date performance of US-listed foreign bank stocks: Click to Enlarge Notes: 1. Canadian banks are excluded in the chart 2. Data shown is as of June 11, 2010 Royal Bank of Scotland(RBS) is the best performing ADR with a return of about 33%. However it must be noted that RBS …
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The European Central Bank warned yesterday that euro-zone banks faced an additional $239 billion in write-downs this year and next due to the economic outlook that is “clouded by uncertainty.” From the Journal’s article titled ECB Warns Write-Downs Could Reach $239 Billion: “The U.S. and U.K. moved aggressively in 2008 and 2009 to replenish their …
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The FDIC shutdown three banks in Puerto Rico(PR) yesterday which were on the verge of failure. The closed banks cost over $5B to the FDIC’s Deposit Insurance Fund (DIF). The three closed banks are: 1. W Holding Co. Inc.’s Westernbank (WHI) 2. R&G Financial Corp.’s R-G Premier Bank(OTC: RGFC) 3. EuroBancshares Inc.’s EuroBank Source: WSJ …
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Seven more banks failed last Friday bringing the total number of bank failures in the U.S. to 57 so far this year. While most of the failed banks are acquired by other strong domestic banks, a few foregin banks are gettting into the game. From a Wall Street Journal article titled “Foreign firms sccop up …
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