LONDON, Sept 1 European banks Societe Generale
, UniCredit and Intesa Sanpaolo ,
which suffered heavy losses in August, will be removed from the
region's blue-chip STOXX Europe 50 index , the index
complier STOXX said.
Finnish phonemaker Nokia , which has lost more
than 40 percent of its value this year, will also be deleted
from the top pan-European index with effect on Sept. 19, STOXX
They would be replaced by consumer products group Unilever
, luxury goods group LVMH , British power
distributor firm National Grid and chemical firm Air
SocGen, France's second largest bank, lost 32.7 percent in
value last month, its biggest monthly fall since October 1998,
on concerns over its exposure to the euro zone sovereign debt
Italian banks were also weighed by worries that the
currency's bloc debt problems were spreading to Italy.
UniCredit and Intesa Sanpaolo, the two biggest banks in the
country, shed 25 and 30 percent in August.
STOXX also made changes to its Euro STOXX 50 ,
the euro zone blue-chip index, and STOXX Nordic 30
On the Euro STOXX 50, it removed Alstom and French
bank Credit Agricole and added Volkswagen
and Inditex , the owner of the Zara fashion chain.
The index complier replaced Skanska and Vestas
Wind Systems with Swedbank and Seadrill