However, an analyst says they are better positioned against this crisis than during the previous downturn of 2014-2015. FMTNews OilPrices
Malaysian banks have already re-classified a large share of their exposure and cut lending to the oil sector, says Moody’s.
“Although they are better positioned against this crisis than during the previous downturn of 2014-2015, given their reduced exposure to such borrowers, the stress in the oil and gas industry is compounding asset risks for banks amid increased challenges in numerous other sectors affected by the coronavirus,” he said in a statement.
On another note, Tarzimanov said Malaysian banks have already re-classified a large share of their exposure and cut lending to the sector. As for Japan’s three megabanks – Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group – exposure to North American independent oil sand and shale oil exploration and production companies poses the greatest risk for them, he said.
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