Asian banks have a "once in a lifetime" opportunity of taking a bigger share of the global banking market and perhaps even overtake some of the big Western banks, Government of Singapore Investment Corporation (GIC) deputy chairman Tony Tan tells the Financial Times at the World Economic Forum in Davos. (The Financial Times wrongly calls him chairman: that position is held by Singapore Minister Mentor Lee Kuan Yew.)
You can see him being interviewed by Gillian Tett of the Financial Times here.
Here are some excerpts from the interview (here in full):
“For the GIC, we see no lack of opportunities in the developing world,” he said.
“I think Asian countries will now look again at whether we want to be (following the US),” he said, pointing out that even in the US there was a rethink of laisser faire economics. “State capitalism, interference by the state, has served (some countries) well,” he said.