European Banks have dropped c.19% post the Brexit vote – this is the biggest 2-day drop since 1995. We remain selective and look at EU banks along the lines of (i) weak/strong capital, (ii) weak/strong economy and (iii) EU/non-EU exposure. We favour well capitalised names and/or a business mix geared outside the Euro area. This points us to UK/Asia banks and dollar earners with large international footprints. Nordic names see limited impact, Eurozone banks less vulnerable in our stress test are Benelux. Names sensitive to a Leave outcome are euro earners.