Difference between domestic banking & international banking
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There is a common misconception that there is a huge difference in pace and culture between local and foreign multinational banks. However, with the tables turned post global financial crisis, some local banks have aggressively expanded, invested in product suites and platforms, and hired some strong foreign talent – leading to a strong competitive edge over foreign banks.
With Asia being the key driver of economic growth across the world, now may be a good time to consider opportunities in an local bank.
Cultural challenges
Local banks have a multicultural way of looking at things, and are often much stronger in key economies like China as compared to their foreign counterparts. In fact, there is an increasing demand in both local and foreign banks for professionals with strong local experience. In an increasingly competitive and even saturated market, local networks become crucial to an individual’s success. Gone are the days when one could smoothly talk oneself into a deal. Now, knowledge and experience of the local context is essential to all banking professionals.
With Asia being the key driver of economic growth across the world, now may be a good time to consider opportunities in an local bank.
Cultural challenges
Local banks have a multicultural way of looking at things, and are often much stronger in key economies like China as compared to their foreign counterparts. In fact, there is an increasing demand in both local and foreign banks for professionals with strong local experience. In an increasingly competitive and even saturated market, local networks become crucial to an individual’s success. Gone are the days when one could smoothly talk oneself into a deal. Now, knowledge and experience of the local context is essential to all banking professionals.
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