But the crisis has not spared foreign-owned banks, which account for 7 of the country's 10 largest banks.
Connecticut law prohibits foreign-owned banks from doing business in its borders.
Unless business picks up soon, some of the 245 foreign-owned banks in Switzerland may have to shut up shop.
And it will permit foreign-owned banks to install automatic teller machines.
For the foreign-owned banks, the catch was that they were only allowed to operate in Jakarta.
Several major foreign banks and foreign-owned Argentine banks have said they may not be able to remain in business.
However, the Bank came out to be one of the most profitable financial institutions in Ukraine despite strong competition from foreign-owned banks.
Soon, foreign-owned banks may wonder what sense it makes to be based in London, out on the margins.
Oh look, another foreign-owned bank, that had nothing to do with the UK taxpayer, has made a profit.
Its 23 branches give it one of the most extensive branch networks among foreign-owned banks in the Philippines.