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Press release
Indian banks dominate Asia17 December 2007Indian banks are leading the growth in Asian financial markets and outperforming the rest of the world's banks in several areas, as more foreign investors are attracted.
According to new surveys on the Indian banking sector, the market is growing at an "astonishing rate", with assets forecast to grow to $1 trillion by 2010. According to a survey by US financial research firm Celent, technological upgrades at banks could be one of the keys to the Indian banking sector's growth. Meanwhile, global consulting firm McKinsey revealed that fresh blood in the form of new private and foreign banks is pushing out the traditional state-owned Indian banks. McKinsey showed that Indian banks had 17.9 per cent pre-tax return on investment for the fiscal year 2006, compared to 16.3 per cent for Malaysia, China with 15.1 per cent and Thailand with 9.1 per cent. Prathima Rajan, author of the Celent report, told Asia Times Online: "Total assets of the Indian banking sector as of the end March 2006 were $602 billion." She predicted that more foreign banks would invest in India and domestic Indian banks would, in turn, expand overseas "with diversified products and services". The Indian banking sector has grown at a compound annual growth rate of 24 per cent between 2001 and 2006. |
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