Covid-19 shock has put banks under pressure on several fronts: BIS

London

THE Bank for International Settlements (BIS) expects a growing number of global insolvencies over the next 12 months.

"Financial markets may have become too complacent, given that we are still at an early stage of the crisis and its fallout," said Agustín Carstens, the general manager of the Switzerland-based BIS, at the organisation's annual general meeting.