'Multiple cities will be Asia's financial hub'
A top London-based banker predicts that no one city will emerge as Asia's undisputed financial hub in the next decade. Excluding Japan, cities such as Mumbai, Shanghai, Hong Kong and Singapore will all come close.india Updated: Oct 30, 2007 12:25 IST
A top London-based banker predicts that no one city will emerge as Asia's undisputed financial hub in the next decade, a news report said Tuesday. Excluding Japan, cities such as Mumbai, Shanghai, Hong Kong and Singapore will all come close, but no single financial centre will dominate, said Sir Brian Pitman, senior adviser to investment bank Morgan Stanley.
"When I come to Singapore, I can tell that you're not going to let one place dominate this market. When I go to Hong Kong, it's the same sort of thing. When I go to Shanghai, they're determined," The Straits Times quoted Sir Brian as saying.
India realises the need to stay competitive against regional rivals, but it has a lot of catching up to do, said the former chairman of the Lloyds TSB Group.
"The road system is backward. The airport in Mumbai is backward," said Sir Brian, in Singapore witnessing the certification of the inaugural group of financial industry certified professionals.
London and New York will remain the two key international financial centres in the next decade, he predicted.
"If we're looking into the future, say 2050, China will be the biggest economic power in the world," he said.