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Ravneet Chowdhury: “It is extremely expensive to run a professional bank today”
25 novembre 2015, 10:54
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Ravneet Chowdhury: “It is extremely expensive to run a professional bank today”
The banking sector has not really grown this year because it is reflecting a weak economy, asserts Bank One’s Chief Executive Officer Ravneet Choudhury. The economy is not growing and banks’ balance sheets are not growing either. Many banks have taken larger hits on bad debts and bad loans and on transactions that went wrong. Banks have paid the dues in terms of risks that they have taken and in terms of costs they have had to incur as a result of that.
If any growth is coming, it is from the Segment B business, he points out. This is what could explain the profitability of banks. We are an International Financial Centre and banks are positioned here to do business around the globe, and that’s what gives us the momentum. It’s an extremely competitive market and the cost of banking is extremely high. Moreover, the amount of regulations we have to follow imposes costs on the sector. It is extremely expensive to run a professional bank today.
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