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Asia's banking revenue to rank biggest

(Shanghai Daily)

08:49, December 09, 2011

Asia is the fastest-growing market for corporate and investment banking and will replace the Americas to become the world's biggest market by 2015, management consultants McKinsey & Co said.

The Asia-Pacific region's strong economic growth last year after rebounding robustly from the global financial crisis which occurred in 2008-2009 saw corporate and investment banking revenues touching US$442 billion in 2010 - one-third of global revenues, McKinsey & Co said in a report. The revenues in the region surpassed the US$422 billion achieved in the Americas.

Asia's corporate and investment banking revenues may surge to US$790 billion by 2015, bigger than Americas' revenue at US$679 billion, the report said.

It said Asia would account for 45 percent of the global growth in the corporate and investment banking market over the coming years, with China and India as major contributors.

China already represents 50 percent of corporate and investment banking revenues in Asia. McKinsey predicts that China will have about 60 percent of absolute growth in Asia by 2015.

"The growth is mainly driven by an increasing need in financial services due to macroeconomic development in China," said Xu Jun, associate partner in McKinsey's Shanghai office yesterday.

The report projects corporate and investment banking revenues to grow 12 percent annually in the Asia Pacific region, higher than 10 percent in the Americas or 7 percent in Europe.

The report also revealed that the gap between the top and bottom banks in China is likely to widen in the next 10 years due to interest rate reform and a more open capital market.

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