According to Guo Shuqing, Chairman of CCB, in developed economies, the financial sector is going to play a smaller role in both employment and output.
He said: “I think that in the developed countries, the financial sector is overdeveloped, there is overbanking. If the bank bought anything abroad it would most likely be a small bank in emerging markets such as Brazil, India and Russia. Even Taiwan banking, was in all probability too crowded to consider acquiring another bank.”
Mr. Shuqing further added, that overall the bank may add about 10 branches across the world over the next three years.
