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management industry', said
with robust and liquid financial mar kets enabling exits on
a timely basis to realise gains, India is a good resource
deployment avenue.
“India's economy is growing at
8 per cent per annum and is going through a transformation
to the next level of maturity. This enables double digit
returns on most asset classes, which is not so in a majority
of countries, making India a preferred private banking
destination," Transaction Services Head KPMG, India, Abizer
Diwanji said. Increased earning levels have resulted in a
high savings rate, which is an emerging trend in India.
"This has resulted in a robust private banking capital
raising avenue. Indian private banking capital would soon
fund deployments to a significant part of our capital
needs," Diwanji added.
The M&A activity in the global private banking and wealth
management industry is booming, with 258 deals completed in
2005 alone, up 80 per cent from the previous year, the
report, based on interviews with 147 private banks across
the world, said.
With over 90 per cent of private banks opining that there
are good prospects for the industry over the next three
years and 89 per cent actively seeking acquisition targets
and considering acquisition if the right opportunity arose,
the level of activity is likely to persist, it added.
The growth of personal wealth in Asian economies is
providing the greatest impetus to the M&A activity. About 45
per cent of all deals in 2005 took place in the Asia Pacific
region with a majority of respondents naming China and
India, as countries they sought expansion in, the report
said. |
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