Oct 10, 2011 (LBO) – Banks in countries like Sri Lanka could look at joint ventures with big Western financial institutions seeking to expand in emerging markets, a senior American banker said. Joint ventures between Western and local banks make better sense than big foreign banks trying to compete in emerging markets against local players, said James Quigley, executive vice chairman for international corporate and Investment banking at Bank of America Merrill Lynch.
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“I think we’ve all learned that you cannot be everything to everybody. It is a failed strategy,” he said in a speech at a meeting of the Asian Bankers Association in Colombo recently.
“Bank of America cannot be everything to everybody, it would be a failed strategy.
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Western banks cannot expect to compete with local banks in emerging markets.
“You cannot come into countries like Sri Lanka and India and look to compete in lending to SMEs (small and medium enterprises) and retail investors because we just do not have the local expertise and the depth of distribution,” Quigley said.
“So the JV models make sense.
“If you can identify joint venture metrics in corporate banking, leasing, in particular produ