Within a decade, banks in Asia – primarily in China and India – will replace those in Europe and the U.S. as the worlds largest, according to new research by the Tower Group. “Key changes in policy to open up Asia’s banking markets,” including the sweeping banking deregulation in China set for 2007, states Theodore Iacobuzio, who co-authored the report, are fueling the rise of China and India as financial powers and “inspiring a new way of thinking among Asian bankers. A decade ago, the five largest banks in the world were in Japan, but that country lost in dominance as a result of a recession and the Asian financial crisis of the 1990s.
