(18 April 2025 – Europe) Swiss banking giant UBS has now been overtaken by Spanish lender Santander in terms of market capitalisation.
Santander has overtaken UBS as continental Europe’s most valuable bank following a sharp decline in the Swiss lender’s share price amid market volatility triggered by US President Donald Trump’s tariff announcements.
UBS shares have fallen almost 15 percent since Trump’s unexpectedly steep tariffs announced on April 2 shocked markets, prompting a global sell-off.
“The market has recognized the value of the group and the strength of our model” stated Santander CEO Ana Botín after it’s share price improved by over a third this year.
“UBS is significantly more dependent on the US market than other European banks. Around one-third of UBS’s earnings come from the US” commented Morningstar Analyst Johann Scholtz.
Santander’s market capitalisation stands at approximately €91.3 billion. UBS, by comparison, had a market capitalisation of €85.7 billion in comparison to €120 billion euros as recently as February.
Following in the rankings are France’s BNP Paribas (€80.9 billion) and Italy’s UniCredit (€78.9 billion). HSBC remains the most valuable bank in Europe inclusive of the UK with a market capitalisation of £137.8 billion.