MALAYSIANS PUT MUCH TRUST IN LOCAL BANKS KUALA LUMPUR: Malaysians have the highest confidence and trust in the countrys banking system, as well as their chosen individual banks, in comparison to the rest of the Asia Pacific (APAC) region, according to global tax advisory firm Ernst & Young (EY). Data from its recently released annual global consumer banking report, which surveyed 32,000 banking customers in 43 countries, showed that one-third of customers globally reported an increase in confidence in the banking industry compared to a year ago. This is a marked rise on the figures from the previous survey in June 2012, where just 22 per cent reported a rise in optimism. Malaysias respondents recorded the highest level of increased confidence, up to 61 per cent from 48 per cent in 2012. There has always been a geographical split between the regions of Western Europe, the United States and the Asia Pacific, where the government needed to bail out banks in Western Europe and the US in the global financial crisis, but you did not see this in APAC and that has contributed to the confidence, said Steven Lewis, global banking and cap ital markets lead analyst director at EY. Asian banks acquire their revenue predominantly from retail and corporate businesses and only a small percentage comes from investments and, thus, they are less exposed in the global financial crisis, as opposed to the banks in Western Europe and the US. -Business Times
Posted on: Mon, 14 Apr 2014 03:29:38 +0000
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