Russia banking system among riskiest

LONDON: Emerging market banks’ creditworthiness has improved and the likelihood of future banking crises has receded, but Russia’s banking system is still considered among the riskiest in the world, Standard & Poor’s (S&P) said.  

The rating agency said China’s banking sector also remained vulnerable to future stress but it did not see a crisis developing in the medium term. “Emerging market banks are broadly in a positive credit cycle. There’s a little less probability of a crisis,” Scott Bugie, managing director of financial services ratings at S&P, said at a conference on emerging market banks in London this week.