November 23, 2017 / 9:35 AM / a year ago

Recent Russian bank failures "not significant" for sector-Fitch

LONDON, Nov 23 (Reuters) - Recent failures of private Russian banks Otkritie and B&N are “not significant” for the country’s wider banking sector, Alexander Danilov, senior director for financial institutions at Fitch said on Thursday.

Danilov told a conference that the failed banks had a combined market share of less than 5 percent and the Russian central bank’s speedy action had “largely preserved” depositors’ confidence in the system.

However he said that with the central bank focused on cleaning up the banking sector there could be “more surprises” such as Otkritie and B&N in coming years. (Reporting by Claire Milhench; writing by Sujata Rao)

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