0656 GMT - Spain's Santander has taken the crown from UBS as continental Europe's largest bank by market capitalization. The market turmoil triggered by the announcement of U.S. tariffs hit the Swiss lender's shares particularly hard given its higher levels of global diversification and exposure to markets compared with some of its peers. Santander's stock has gained 35% in value since Jan. 1 and was worth $103 billion as of Wednesday's close while UBS's market cap stood at $98 billion. French bank BNP Paribas and Italy's UniCredit follow, though London-listed HSBC remains the largest at $184 billion. The Stoxx 600 banks index--which UBS isn't part of--has gained almost 15% since the start of the year despite the tariff shock. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 17, 2025 02:56 ET (06:56 GMT)
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