Spanish Banking Stocks Tumble on New Taxes
12 July 2022 - 9:53PM
Dow Jones News
By Ed Frankl
Shares in Spanish banks fell sharply on Tuesday after the
country's government proposed new taxes on large financial firms as
part of an effort to deal with spiraling energy prices.
At 1110 GMT, Banco Santander SA shares were down 4.7%, Caixabank
SA had fallen 7.8%, Banco de Sabadell SA dropped 6.6% and Banco
Bilbao Viscaya Argentaria ticked down 5.1%.
Spanish Prime Minister Pedro Sanchez announced new taxes on
large banks and energy companies to raise around 3.5 billion euros
($3.51 billion) annually for two years, according to daily El
Pais.
Shares in Spanish energy firms, including Iberdrola SA and
Naturgy Energy Group SA--trading down 0.3% and up 0.6%
respectively--aren't as affected after increased taxes were already
announced.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
July 12, 2022 07:38 ET (11:38 GMT)
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