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Emerging markets to dominate global banking

06-03-2011 11:25 BJT

The US, the reigning king of global banking, may be dethroned as early as 2023, 20 years earlier than expected and by none other than China.

According to a report by PriceWaterhouseCoopers, the fast-growing emerging markets have been relatively shielded from the financial crisis that brought many western peers to their knees. And now they're ready to move up, their young and increasingly wealthy populations demanding more and more financial products.

Another up-and-coming Asian giant, India, is expected to leapfrog Japan to rank third in terms of domestic banking by 2035 and even Brazil is expected to speed past Germany and the U.K. in terms of domestic banking assets by 2050.

PwC says this shift in global economic power will arrive much earlier than previously expected and it raises pressure on western banks to brush off the effects of the credit crisis and head east, so they don't miss out on the boom.

Editor:Xiong Qu |Source: CNTV.CN

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