Italy's UniCredit SpA recorded the highest quarter-over-quarter increase in market value among the biggest banks in Europe in the fourth quarter of 2021, S&P Global Market Intelligence data shows.

UniCredit climbed two notches to place 15th in the ranking of the 20 biggest European banks by market capitalization in the quarter after the value of its shares rose 17.77% to €30.15 billion at the end of December from September-end.

U.K.-based HSBC Holdings PLC remained at the top of the ranking, with its market cap rising 14.30% to €107.44 billion on a quarterly basis.

Sberbank of Russia's market cap fell 13.84% to €78.10 billion at the end of December from September-end but the Russian lender stayed second in the ranking, followed by BNP Paribas SA, UBS Group AG and Banco Santander SA, respectively.

Spain's Banco Bilbao Vizcaya Argentaria SA reported the second steepest decline of 8.17% in market in the period, during which it announced its takeover offer for the stake in Turkiye Garanti Bankasi AS that it does not already own.

Credit Suisse Group AG made its way back to the list, taking up the 19th position despite a 4.54% quarter-over-quarter decrease in its market cap to €20.50 billion in the fourth quarter, after slipping to 21st place at the end of the third quarter.