Shell pulls funds out of European banks
For fear of the risks of economic crisis in the euro area, the Anglo-Dutch oil giant, Shell, today announced its wish to withdraw funds from European banks. Shell has made a firm decision to place $ 15 billion of cash in U.S. accounts or convert them into U.S. Treasuries because of the fear of growing credit risks in the eurozone.
Source : https://www.marocafrik.com/english/Shell-pulls-fun...
However, the group based in The Hague will forced to keep some cash in Europe to finance its operations.
Royal Dutch Shell has unveiled plans to move some of its cash from Europe to the United States because of the growing fear of macroeconomic risk.
The Anglo-Dutch oil major may put about $15 billion into non-European assets such as U.S. government bonds and bank accounts, according to the company’s Chief Financial Officer Simon Henry.
"There's been a shift in our willingness to take credit risk in Europe," Shell’s Chief Financial officer Simon Henry told The Times newspaper.
If other multinationals follow suit it could have serious consequences for already Europe's financially stretched banks.
Royal Dutch Shell has unveiled plans to move some of its cash from Europe to the United States because of the growing fear of macroeconomic risk.
The Anglo-Dutch oil major may put about $15 billion into non-European assets such as U.S. government bonds and bank accounts, according to the company’s Chief Financial Officer Simon Henry.
"There's been a shift in our willingness to take credit risk in Europe," Shell’s Chief Financial officer Simon Henry told The Times newspaper.
If other multinationals follow suit it could have serious consequences for already Europe's financially stretched banks.
Source : https://www.marocafrik.com/english/Shell-pulls-fun...