Poland’s two biggest banks declined after Moody’s Investors Service cut the credit ratings of 15 global banks.
PKO Bank Polski SA (PKO), the country’s biggest lender controlled by the government, lost 1 percent to 33.36 zloty and Bank Pekao SA (PEO), the Polish unit of UniCredit SpA, retreated 0.7 percent to 142.9 zloty at 10:54 a.m. in Warsaw. The benchmark WIG20 Index (WIG20) decreased 0.6 percent to 2,231.76. Western European lenders own 59 percent of Poland’s banking industry.
Moody’s downgraded 15 lenders yesterday, including JPMorgan Chase & Co., citing their exposure to financial market volatility.
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