NEW YORK, NY -- (Marketwire) -- 05/30/12 -- Shares of foreign banks have fallen sharply in the last month on concerns of Greece's economic problems and Spain's banking systems. "Pressure on the Spanish banks is continuing to mount as remaining confidence is sucked out of the country, so investors are understandably content in sitting on their hands," Mike McCudden, head of derivatives at Interactive Investor, said. The Paragon Report examines investing opportunities in the Foreign Banking Industry and provides equity research on National Bank of Greece (NYSE: NBG) and Banco Santander, S.A. (NYSE: STD).
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Spain announced last Friday plans to inject EUR 19 billion ($24 billion) into Bankia SA, the country's third-largest bank. The bank last week requested rescue funding to help cover write-downs on residential mortgages, which have plagued Spain's banking system.
On Monday, Greece's bank support fund has disbursed EUR 18 billion in temporary aid to the country's top four biggest banks. The injection of funds will help boost the capital base and will allow National Bank, Alpha, Eurobank and Piraeus Bank to regain access to National Bank, Alpha, Eurobank and Piraeus Bank.
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National Bank of Greece SA (the Bank) is a Greece-based financial institution. It offers a range of integrated financial services, including corporate and investment banking, retail banking (including mortgage lending), leasing, stock brokerage, asset management and venture capital, insurance, real estate and consulting services.
Banco Santander, S.A. (Santander) is a financial group operating principally in Spain, the United Kingdom, Portugal, other European countries, Brazil and other Latin American countries and the United States, offering a range of financial products. Santander recently denied reports that it was considering the sale of a stake on its Brazilian unit to help cover mounting losses.
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