Last year, France’s Societe Generale the exited private banking business in India, and Bank of America-Merrill Lynch’s wealth management business outside the US, was acquired by Julius Baer.
Standard Life is back on the trail to list its Indian joint venture as the life assurance market recovers from a regulatory overhaul, with a flotation possibly coming as soon as the second half of next year, according to bankers.
RGI measures the internationalisation of the currency using the parameters of offshore yuan deposits, dim sum bonds and certificate of deposits, trade settlement and other international payments, as well as foreign exchange turnover.
Such a plan, if brought to fruition, could also eventually give the country more control over international gold prices, according to experts contacted by the Global Times.
Mark McCombe, BlackRock's Chairman, Asia-Pacific said: “As the second-largest economy in the world and a key contributor to global growth, China is an important investment destination for our clients globally.
"The fund management industry has recovered quickly from the sharp fall in assets under management at the outset of the credit crisis, with most of the recovery coming from market performance rather than new inflows."