Italian Banks Most Exposed to Manufacturing Loans Amid U.S. Tariffs -- Market Talk

Dow Jones04-04

0911 GMT - Among European banks, Italian lenders have the highest proportion of loans in the manufacturing sector, which produces goods exported to the U.S. that are the target of recently announced tariffs, Jefferies says in a research note. Manufacturing exposure represents around 7% of European banks' loan books. Italy's Banco BPM, Bper Banca, UniCredit and Intesa Sanpaolo are the most exposed as more than 10% their loan books are to manufacturing companies. BPM has the highest exposure as manufacturing is 19% of its total loan book, as of last June's figures, analysts write. Spain's BBVA also has a more than 10% loan book exposure but the majority is linked to its operations in Turkey and Latin America, which are set to be charged the 10% basic tariff rate. Mexico, BBVA's largest market, is exempt from this tariff round. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

April 04, 2025 05:11 ET (09:11 GMT)

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