European Banks Gain Most Since May on Capital Rules

European banks led by UBS AG and Societe Generale SA had their biggest gains since May as regulators eased proposed rules on capital and two of the region’s biggest lenders posted profit that beat estimates.

UBS, Switzerland’s biggest bank, surged 11 percent to 17.46 Swiss francs in Zurich trading, while Societe Generale, France’s No. 2 lender, also gained 11 percent to 44.23 euros in Paris.

The Basel Committee, which represents central banks and regulators in 27 nations and sets capital standards for banks worldwide, buoyed investors’ confidence after saying lenders can count deferred tax assets and minority stakes in financial firms as capital. The committee’s new proposals came three days after all but seven of Europe’s 91 biggest banks passed stress tests.

Read Full Article from Bloomberg

- Posted: 2010-07-27 15:36:43

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