CEE to be most battered by deleveraging
Central and eastern Europe will be the hardest hit of all emerging markets by bank retrenchment as just four eurozone banks make up more than half of lending to the region. UniCredit, RBI, Erste and KBC represent about 54% of the €425bn lent in CEE, according to Morgan Stanley research.
"With Europe going from bad to worse, its not easy for banks to be in the market," said one banker.
UniCredit is by far the largest lender to the market, said Morgan Stanley. Is is responsible for about 40% more lending than its nearest competitor, RBI.
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