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Widely followed banking analyst Dick Bove said he doesn't understand why investors were dumping banking stocks Friday.
"Buying bank stocks at this moment makes a great deal of sense," the Rafferty Capital Markets analyst wrote in a report, as bank stocks around the world plummeted on uncertainty stemming from the vote in favor of Britain leaving the European Union. "There is no basis for arguing that there will be a financial collapse in this country," he added, referring to the U.S.
Bove said that despite the "shocker" decision in the U.K. to quit the EU, some of the threats to the country's banking system will be contained to Britain and won't reach U.S. shores. Bank shares slumped, with the MSCI Europe Financials Index falling more than 15 percent in Friday trading and the KBW Nasdaq Bank Index down 6 percent by early afternoon.
Further, he takes issue with the idea that big banks will have only two years to pack up and ship out of the U.K.
"Once Britain notifies the European Union that it wishes to withdraw, a two-year clock starts running," he said in his note. "However, Britain has not given any such notification and it may take some time for it to do so. There may have to be parliamentary elections and then a debate before this decision is taken."
Friday evening on a CNBC special report, Bove said he did not think banks would leave London.
"They're not going to move those people. ... Think of the intellectual capital, think of the technology, think of the real estate, " Bove said during the program. "Why would they go to Zurich or Frankfurt? "
He also reiterated that he believes U.S. banks are in a strong position and called analysis of the industry "deeply flawed."
Some analysts have projected banks will feel pain on net interest margins, in part thanks to the growing likelihood that Federal Reserve officials will back off of anticipated interest rate hikes that banks had sought. But, again, Bove manages to find a silver lining in that news.
"If rates plummet, a mortgage refinance boom will develop, which will increase bank earnings," Bove wrote. "If European banks are dealing with internal issues, they will lose even more market share to American banks in this country."
— CNBC's Ivan Levingston contributed reporting.