Spanish Banking Stocks Tumble on New Taxes

   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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