International banks are very much present in Turkey and often with big financial exposure. According to the Bank for International Settlements (BIS), foreign banks in Turkey are exposed to the local government debt for $120 billion: French and English banks are first in line, with $40.4 and $23.9 billion respectively.
Italy’s UniCredit, Spain’s BBVA and Britain’s HSBC have the biggest number of offices and are deeply rooted in the country. French banks are exposed for $40.4 billion, twice as much as the UK ($23.9 billion), followed by the US ($18.9 billion), Germany ($15.4 billion), Japan ($11.8 billion), Italy ($8.9), Switzerland ($6.4) and Canada ($1.8).
Moody’s has recently placed 17 Turkish banks under review for a possible downgrade of rating, also due to the country’s political problems.
© ITALY EUROPE 24 - ALL RIGHTS RESERVED