Chinese banks may seek new M&A deals

14:52, October 12, 2009      

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Chinese banks have a golden opportunity until 2012 to pursue mergers and acquisitions (M&As) to become world-class financial institutions, China Daily reported Monday.

The newspaper said, citing a recent report from management consulting firm Accenture, that most bank executives in Asia-Pacific and Europe believed Chinese banks will play an influential role in changing the global banking landscape.

The report was based on interviews with 35 bank executives, equity firm professionals and experts in developed and emerging markets.

In the wake of the world's financial crisis, the global banking industry will be significantly reshaped by 2012, the report stated.

For banks, bold moves are needed now to pave the way for higher performance in the face of profitability pressure, the report said.

Most bank executives interviewed agreed that there is overcapacity among banks in most markets, and thus more consolidation is needed. Banks will seek new and more flexible operating models to obtain higher performance levels.

Source: Xinhua
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