05 Sep '11, 3pm

S'pore poised to take lead in private banking industry: PWC survey

SINGAPORE: Asia looks set to be the growth centre for the private banking industry globally. Average revenue from serving wealthy clients in the region is expected grow by about 18 per cent this year compared to 13 per cent globally. Singapore is expected to overtake Switzerland as the top private banking centre by 2013. This is according to the 2011 Asia Pacific Private banking Survey by Pricewaterhouse Coopers (PWC) Singapore. Switzerland is currently the top booking centre for private banking clients globally. But some industry experts believe that this may soon change as Singapore is poised to take over the lead in two years time. Singapore currently comes in at a close third after London. The PWC survey said that Singapore has the right elements to help propel it to the top spot, given its close proximity to growing wealth in emerging markets. Mr Justin Ong, Partner, ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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