Fitch: Singapore banking system solid

Fitch Ratings said that the Singapore banking system remains well positioned to face future challenges posed by the ongoing turmoil in global financial markets and the expected slowdown in Asia as a consequence of recessionary conditions in the United States.

Fitch noted that the credit ratings of Singapore banks continue to be amongst the highest in the Asia Pacific region. The supervisory environment provided by the Monetary Authority of Singapore also contributes to the stability and the strong health of the banking system, the agency added.

The agency noted in a new report that all Singapore banks are now more diversified - both by products and geography - compared with six to seven years ago.

Although regional expansion in less developed markets such as Thailand, Indonesia and India, adds to Singapore banks' risk profiles, Fitch said all banks have strengthened their cross-border management skills.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.