Banks Focus on Asia and Africa for Growth Opportunities, Finds Survey
Banks around the globe are now focused on Asia as the world’s number one region for growth, according to the annual Barclays Corporate Global Banking Survey.
In a survey of 200 bank executives at a series of events in Dubai, Singapore, London and Frankfurt that concluded in Toronto, the research also revealed banks across the globe see Africa following closely behind Asia in providing significant growth opportunities. Conversely banks see very limited potential for growth in Europe and North America.
However, the US dollar is still predicted to be the world’s reserve currency in 10 years time by the majority (61%) of bank executives, although a substantial 21% now predict the renminbi (RMB) will become the global reserve currency within a decade.
Matt Tuck, global head of financial institutions, Barclays, said the survey demonstrated just how focused on Asia the global banking industry had now become, with Asia also predicted by the industry to be the dominant centre for global trade flows over the next 12 months.
The survey also revealed a positive trend for those seeking more competition in the banking industry, as the vast majority (89%) of bank executives globally predict the banking market will become more competitive over the next two years, including 40% that believe the industry will be ‘much more competitive’ over this period.