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Boom period for foreign banks in China, says poll

Boom period for foreign banks in China, says poll
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First Published: Tue, Jun 24 2008. 12 38 PM IST
Updated: Tue, Jun 24 2008. 12 38 PM IST
PTI
Beijing: The number of foreign banks in China may reach 100 by 2011 from 76 now, a leading global consultancy firm has forecast.
A poll of 42 foreign banks conducted by the firm also said nine of them projected at least 100% revenue growth this year and 16 expected the growth to be in the range of 40-100%
The locally incorporated foreign banks would also exceed 40 from the current 21 and might reach up to as high as 60 by 2011, the survey by PricewaterhouseCoopers said, according to official Xinhua news agency.
Foreign banks are required to incorporate locally before they can offer lucrative retail Renminbi (Chinese currency) services and bank card business.
The survey also brought out severe challenges faced by the lenders including recruiting and retaining personnel covering senior executives, compliance officers and wealth management officers.
The banks forecast that driven by rapid business expansion, the employee numbers would double to 54,630 by 2011 from the present 27,473.
The respondents also said they would seek to purchase China assets from securities firms, insurers and wealth and asset management companies for business expansion.
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First Published: Tue, Jun 24 2008. 12 38 PM IST