Wednesday, October 10, 2007

Global Banks Dominate Asia Corporate Business: Study

Source : The Business Times, October 10, 2007

SYDNEY - International banks dominate corporate and institutional banking in Asia with their market share growing to almost 70 per cent this year, according to a study.

British banks HSBC Holdings and Standard Chartered Bank had the biggest slice of Asian business with market share of 18.4 per cent and 18.3 per cent respectively in May this year, Sydney-based banking research firm East & Partners said.

HSBC had a market share of 18.1 per cent in May last year and Standard Chartered 17.3 per cent.

US banks also fared well with Citigroup third with 15 per cent, steady on a year ago, and JPMorgan Chase & Co fifth with 7.1 per cent, up from 6.6 per cent a year ago.

The only highly-ranked Asian bank was Singapore-based DBS which was fourth with 9.4 per cent, down from 9.5 per cent a year earlier.

'Corporate Asia is clearly looking for banks that are large enough to cater for both Asian and international expansion.

International banks can therefore provide for more corporates in countries across a fast-growing Asia,' East & Partners financial markets analyst Peter Drennan said.

The study was based on interviews with top-100 countries by revenue in ten countries across Asia. -- REUTERS

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