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Banking in Asia: The End of Entitlement The late 1990s has seen a turning point in Asian banking. The golden days of easy money and booming profits have come to an abrupt end. What was effectively the age of entitlement in Asia banking is over, and a new era is about to begin. Asia's new banking environment will see a revamped financial industry requiring fresh formulas for success, resulting in a new competitive balance among domestic and global players. This remarkably detailed analysis, drawing on the authors' years of work with leading local and international commercial and investment banks in the region, highlights the long-term challenges, opportunities, and changes which will shape Asian banking well into the first decade of the 21st century. The 21st century is often positioned as "the Pacific Century". Without an effective and efficient banking industry in Asia, it will be no such thing. Covering major businesses and banking markets in Asia, highlights include: * Corporate Banking: Big Profits Among the Risks * Investment Banking: No Escape from Global Trends * Trading in Asia: Back to the Basics * Private Banking: A Miracle for a Few * Japan: Modernizing the System, Mobilizing the Wealth * China: Sustaining a Careful Balance For anyone involved in the future of Asian banking, this should be a compulsory read.

Foreword

vii

Acknowledgments

ix

Part I: New Challenges in Asia

1

(32)

The End of Entitlement

3

(15)

No More Easy Money

3

(6)

New Winning Formulas

9

(5)

New Competitive Balance

14

(4)

No Asia, Just Asian Markets

18

(15)

A Vast Region Marked by Diversity

18

(4)

Asian Financial Markets Reflect Region's Diversity

22

(4)

Market Similarities and Linkages

26

(7)

Part II: Winning in Key Businesses

33

(174)

Corporate Banking: Big Profits Among the Risks

35

(27)

Fundamentals of a Large Attractive Business

36

(11)

A Segmented Business

47

(8)

Clouds on the Horizon: Competition and Risk

55

(1)

Winning in the New Environment

56

(4)

Opportunities for Local and Multinational Banks

60

(2)

Investment Banking: No Escape From Global Trends

62

(30)

Asia's Capital Flows: Too Good an Opportunity to Miss?

63

(7)

Elusive Profits in the Fight for Cross-Border Dominance

70

(8)

Profits Under Protection in Domestic Investment Banking

78

(2)

Critical Factors for Future Success

80

(6)

Strategic Options for the 21st Century

86

(4)

The Winner's Circle

90

(2)

Trading: Back to the Basics

92

(28)

Balancing Opportunities and Challenges

93

(10)

Resulting Trading Economics in Asia

103

(4)

Winning Trading Formulas also Apply in Asia

107

(3)

Building Blocks of Success

110

(5)

Trading Winners in Asia

115

(5)

Asset Management: Positioning for Profits

120

(33)

Asset Management Is Evolving Rapidly

121

(5)

Retail Asset Management: Building Pipelines to Customers

126

(14)

Institutional Asset Management: Setting and Meeting New Expectations

140

(10)

Big Profits for a Few, Small Profits for Many

150

(3)

Private Banking: A Miracle For a few

153

(24)

Not as Easy as It Seems

153

(3)

The Million-Dollar Question: Who, Where, and How Much?

156

(6)

The Emerging World of the Haves and Have-Nots

162

(5)

Four Ingredients for Success

167

(6)

Winning Trust in Japan

173

(1)

Victory for a Few

174

(3)

Retail Banking: The Masses will Enrich Many

177

(30)

The Drivers of Change

178

(15)

Competitors' Challenges and Choices

193

(10)

Victory for the Many Survivors

203

(4)

Part III: Winning in Key Countries

207

(192)

Hong Kong and Singapore: Managed Consolidation

209

(20)

Similarities and Differences

211

(7)

Attractive Banking Opportunities to Date

218

(4)

The Challenges of the 21st Century

222

(4)

Elements of the New Profit Recipe

226

(3)

Taiwan: Focusing for Victory

229

(24)

Focus or Perish

230

(1)

Where to Focus?

231

(5)

Deregulation: Changes, Opportunities, and Challenges

236

(8)

How to Focus: Innovative Products, Integrated Services

244

(6)

Competitors Must Focus to Win

250

(3)

Southeast Asia's Big Four: Reinventing for the 21st Century

253

(36)

The End of an Era

255

(12)

Crisis Unleashes New Forces, Challenges, and Opportunities

267

(9)

Different Priorities Among the Big Four

276

(8)

Reinventing from Within

284

(2)

The Winner's Camp

286

(3)

Japan: Modernizing the System, Mobilizing the Wealth

289

(28)

Mobilizing Wealth Is Key to Growth and Modernization

290

(5)

Deregulation Breeds Opportunities

295

(10)

What It Will Take to Win: Basics with a Twist

305

(2)

Bold, Innovative Players Will Win

307

(10)

Korea: A New Order in the Making

317

(21)

From Economic Miracle to Muddle

319

(2)

A Financial System Managed for Weakness

321

(7)

Rebuilding Korean Banking

328

(2)

Opportunities in the New Order

330

(5)

Likely Winners

335

(3)

China: Sustaining a Careful Balance

338

(32)

China's Economy in Transition

340

(4)

Overview of China's Financial System

344

(12)

Broad Market Opportunity

356

(8)

Likely Winners

364

(6)

India: Struggling for Freedom

370

(29)

Controlled Economy Giving Way to Liberalization

371

(2)

Four Phases of Banking System Evolution

373

(7)

Opportunities Increasing Across the Banking Spectrum

380

(9)

What It Will Take to Win

389

(6)

Who Will Win?

395

(4)

Part IV: Conclusion

399

(20)

Building Winners in the New Asian Markets

401

(18)

Local Commercial Banks Must Reform

401

(6)

Start Again at the State Banks

407

(3)

Local Private Banks Must Change or Withdraw

410

(1)

Expanding Multinational Banks

411

(4)

Winning Investment Banks

415

(4)

Data Sources for Country Chapter Cover Pages

419

(2)

Index

421

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