India Asia's top outsourcing hub

Of 130 executives surveyed, 40 per cent picked India, 32 per cent selected China while 11 per cent chose S'pore.

India and China have emerged as the top two Asian destinations for bank outsourcing with Singapore coming third, a survey said.

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PricewaterhouseCoopers (PwC) and the Economist Intelligence Unit surveyed 130 senior executives in the financial services industry.

Forty per cent picked India as the country where their firms are most likely to set up outsourcing arrangements. Thirty-two per cent selected China and 11 per cent Singapore.

"Financial institutions in Singapore tend to focus on activities which involve higher value addition to an institution, such as risk management, financial analysis and control and IT oversight functions," The Business Times quoted Dominic Nixon, PwC Asia's financial services leader.

China was also selected as the location where most banks and other financial institutions expect their next mergers and acquisitions.

It was followed by India, Japan, Hong Kong and Singapore.