Local financial sector, dominated by banks, has been growing at a healthy pace for decades. Local financial sector, dominated by banks, has been growing at a healthy pace for decades. Over the last five years banks with their access to cheap deposits have also made in-roads to specialized areas in the financial sector like leasing.
The progressive regulatory structure has also helped banks cement their place.
Experts say development and innovation in other areas of the financial sector need to now be encouraged to maintain a healthy balance in financial intermediation.
Suits, ties and matching cufflinks were all on show last week when professional bankers met for an industry convention last week.
Banks are among the most profitable public companies here and their employees made sure that there was no second guessing on that point.
Even the Finance Minister, who controls the purse strings of the largest budget in the country, didn’t fail to recognize the banks contribution to the economy.
“I can’t think of a profession other than banking that has contributed to the country as