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BUZZ-UK Banks: Exane Paribas says nowhere to hide

Thu, 10th Sep 2015 08:00

** Exane BNP Paribas bearish on UK banks, says banks facefurther operational headwinds, share price performance beenlacklustre

** Paribas flags IFRS9 provision to impact StandardChartered and Lloyds Banking Group

** StanChart shares off 2 pct while Lloyds 1 pct

** Exane outlines minimum requirement for own funds andeligible liabilities (MREL) and big banks not slated to witnessmuch relief from a rate hike as key concerns

** Slashes TP on Standard Chartered to 700 p from900 p, cuts HSBC Holdings rating to 540 p from 605 p,reduces Lloyds Banking Group to 82 p from 90 p, reduces BarclaysPlc TP to 260 p from 290 p

** All four banks fall between 2-2.5 pct to rank as toplosers on the FTSE-350 Banks Index

** UK banks off nearly 10 pct this year vs the 5.5 pct dropon the FTSE 100 (aashika.jain@thomsonreuters.com)

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