Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s biggest banks, face a fresh risk to earnings as the slump in emerging market currencies threatens to slow growth from Brazil to Turkey.
Concern that Grupo Financiero BBVA Bancomer SA may turn over cash to its Spanish parent has sparked a sell-off in the lender’s bonds that’s making them attractive to ING Groep NV and Aberdeen Asset Management Plc.
The Bank of Spain said it was investigating the leak of an internal e-mail that suggested mortgage defaults at Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA should be higher than they are reporting.
Repsol YPF SA said production at its refineries in Spain is not being affected by the country’s general strike. The minimum services agreed are allowing the plants to operate normally, Kristian Rix, a Repsol spokesman, said in a telephone interview.