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Foreign banks in China may reach 100 in 2011

(Xinhua)
Updated: 2008-06-24 00:16

BEIJING  -- The number of foreign banks in China may rise to 100 by 2011 from 76 at present, PricewaterhouseCoopers reported in a new survey released Monday.

In a poll of 42 foreign banks, the global consultancy said nine anticipated at least 100 percent revenue growth this year, while 16 expected to be in the 40 to 100 percent range.

The lenders were also faced with severe challenges in recruiting and retaining personnel. These included senior executives, compliance officers and wealth management officers, the survey said.

The banks forecast the rapid business expansion would double their employee numbers to 54,630 by 2011 from the current 27,473.

The current 21 locally incorporated foreign banks would also exceed 40 and might rise to as high as 60 by 2011.

Foreign banks are required to incorporate locally before being allowed to provide lucrative retail renminbi (the Chinese currency) services and bank card business.

The respondents said they would seek to purchase China assets from securities firms, insurers and wealth and asset management companies for business expansion.