News
Emerging Market Banks to Surpass G7 Banks by 2036
According to a new research by PricewaterhouseCoopers (PwC), world's biggest banks from the G7 countries will be eclipsed by 2036- a decade earlier than initially predicted. The research indicated that banks from emerging markets are growing faster than initially anticipated. The study also showed that the impact of the financial meltdown will accelerate nations like China, India and Brazil. Moreover, they will see their assets catching up to those of the likes in the UK and the US.
UK banking assets were ranked in 2009 as the world's fourth largest after the US, China and Japan. The Chief economist of PwC stated that in the long term, the success of UK banks will rely mainly on their ability to compete in the fast-growing emerging market.
News Characteristics
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Date :
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Jun 03, 2011
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Region :
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North America
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Industry :
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Banking
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