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 a local bank.
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.
Foreign banks are often regarded as better employers for their higher remunerations and wider range of opportunities.
Local banks are increasingly popular for their stability and healthy balance sheets. While some may still view them as conservative and slow, they are extremely popular for their strong regional presence, avoidance of retrenchment, and their ability to inspire more client confidence in the local markets.
This means good opportunities for banking professionals, and more and more foreign bank talent are moving over to these upcoming employers.
Foreign banks are often regarded as better employers for their higher remunerations and wider range of opportunities. There is no doubt that some Asian bank salaries will remain lower than the foreign banks, particularly on the investment banking front. However, for most other parts of the banking business, local banks are mostly on par or close to what foreign banks can offer.
Interested in the latest banking & financial services jobs? Access the available opportunities here.
Working as a finance manager
The finance manager is responsible for the day to day running of a company's finance team. They provide a comprehensive financial accounting service with responsibility for preparing accurate, timely financial and management accounts and reports. They are also charged with developing financial stratRead More
Life as an FP&A manager
FP&A manager roles can be extremely interesting and offer great career development potential. We take an in-depth look at what the role involves and the skills you’ll need to succeed. Competition is tough for these jobs FP&A manager jobs are a natural step for all analysts looking to progress theirRead More
How To Succeed As An Actuary
What does it take to build an actuarial career in Malaysia today? Here’s what you need to know. The importance of insurance today is paramount. Heralded as a means of protection from financial loss, it is a form of risk management, primarily used to hedge against the risk of a contingent or uncertaiRead More
Come join our global team of creative thinkers, problem solvers and game changers. We offer accelerated career progression, a dynamic culture and expert training.