China could be biggest banking market by 2026

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The Independent Online

China is on course to be the world's biggest banking market within 15 years in a shake-up accelerated by the financial crisis, according to PricewaterhouseCoopers.

It would overtake the US 20 years earlier than was predicted before the credit crisis battered banks in developed markets.

The UK, currently the fourth-biggest market, would be overtaken by India in the next 20 years and by Brazil by 2050, the report said.

John Hawksworth, PwC's chief economist, predicted a wave of mergers and overseas expansion as banks positioned themselves.

"With populations of well over a billion each, access to markets like China and India is critical," he said.