According to VTB President Andrei Kostin, Russia's banking system today is far better prepared for any crises in the global economy than two years ago. The banker’s optimistic comment followed a massive landslide on the world's leading exchanges that resulted from S&P’s downgrading of the U.S. long-term credit rating in August. “I don’t see any problems for VTB, nor for the banking sector as a whole, even under a less favorable market situation than we expect,” he added. “Today’s current economic problems are the types that we can handle.” It needs be noted that the Russian banking system was caught off guard during the last economic downturn, forcing the government to intervene on the financial market in order to save the nation’s banking industry.
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