Shares in European lenders fell sharply on Friday following a sell-off in US banks that wiped over $50bn of their market value.
Financial stocks retreated more than 3 per cent on the Stoxx 600 index, dragging the European benchmark down 1.4 per cent.
Shares in German lender Deutsche Bank, listed in Frankfurt and New York, fell more than 7 per cent.
France’s Société Générale, the Netherlands’ ING, London-listed HSBC and Bank of Ireland retreated around 5 per cent by mid-morning trading on Friday. Shares in Credit Suisse tumbled 3 per cent.
Sweden’s EQT, a private capital and growth investment group, fell 8 per cent to the bottom of index.
The global rout was sparked by a capital increase at Silicon Valley Bank, prompted by a €1.8bn loss at the small, technology-focused lender.