The top 5 banking news stories in emerging markets this week.
1 – Singapore overtakes London as top RMB offshore clearing centre
SWIFT data shows that Singapore’s RMB payments value increased by 375% between March 2013 and March 2014, making Singapore number one in terms of RMB world payments value, excluding China and Hong Kong. >>
2 – ING has three-pronged plan for boosting commercial banking in Asia
Dutch financial services group ING has a big question for Asia – how to earn more money from its commercial banking business in the world’s fastest-growing economic region? The answer, in short, from its top regional boss is you have to get three markets right: China, Japan and South Korea.>>
3 – World Bank Cuts Global Growth Forecast After ‘Bumpy’ 2014 Start
The World Bank cut its global growth forecast amid weaker outlooks for the U.S., Russia and China, while calling on emerging markets to strengthen their economies before the Federal Reserve raises interest rates. >>
4 – How can China sell off its government-owned companies?
State-owned enterprises, or SOEs, have made a remarkable contribution to the growth and development of the Chinese economy over the past 30 years. They have provided a stable long-term environment for investment and encouraged the development of the state enterprise sector in line with public as well as private interests.>>
5 – SBI to merge five subsidiary banks with itself as it prepares to fund the economy
MUMBAI: State Bank of India, the nation’s biggest lender, will kick off consolidation in the banking industry by combining five associate banks as it prepares to fund the economy that is on the cusp of a strong growth like China two decades ago. >>