Another Russian bank collapses
The Russian central bank has nationalised two of the country’s biggest banks. Is a systemic crisis now in the offing?
There are worrying signs in Russia's banking sector, says Ivana Kottasova on CNN Money. The Russian central bank has nationalised B&N Bank, the country's eighth-largest by assets. Only a few weeks ago it had to bail out the biggest private lender, Otkritie. Is a systemic crisis now in the offing?
The trouble in the sector stems from the oil-price collapse and recession of 2014, a downturn exacerbated by EU and US sanctions against Russian companies. The International Monetary Fund thinks up to 13.5% of all loans could be bad. The official figure is 10%.
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