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The Growing Prevalence of International Banking
International banking is growing at a blistering pace. The transformation of the world into a true global economy is fueling this growth. A number of national and regional banks have gone international in recent years, and the trend continues. The more prominent international banks are considered to be major players of the world financial markets. These international banks operate across dozens of countries and allow banking from anywhere in the world via the Internet. A wave of mergers and the growth of electronic banking has resulting in the emergence of international banking titans from a number of different countries.
Citibank is one of the premiere international banking institutions in the world. It was founded in 1812 under the name City Bank of New York. As of 2006, Citibank had over 300,000 employees. Assets under management totaled $1.50 trillion in 2005. The net income of Citibank in 2005 was over $24 billion.
In the European Union, one of the most prominent international banks is BNP Paribas. The bank is based in Paris, France. It was a result of the merger of Pribas and Banque Nationale de Paris. The bank is one of the oldest three banks in France. In 2006, BNP Paribas earned 7.30 billion Euros. Their total number of employees reached 138,000 in 2007. Measured by total assests under management, BNP Paribas is the largest bank in the EU. It operates in 80 different countries.
Deutsche Bank is another well-known name among international banks. The bank was founded in 1870 and is based in Germany. The bank employs more than 75000 people, and is one of the largest investement banks in the world when ranked by revenues. The bank operates three main divisions: The corporate and investment bank, Corporate investments, and Private Clients and Asset Management.
No list of international banks would be complete without a mention of The Hong Kong and Shanghai Banking Corporation, better known as HSBC. HSBC is not just a bank, but a complete financial services company. International banking services are just one part of its overall operations. In 2006, the total revenue of HSBC was over $70.1 billion and its net income was $15.8 billion. True to its slogan "The world's local bank", HSBC is present in most major countries throughout the world.
The international banks have two big advantages. First, they are accessible from almost any country. This means that you may be anywhere but you are never far from your bank. Second, they offer consistency of service, even in areas where the local banks can be shady. Accordingly, it's much easier for international travelers to place their trust in these familiar names.
Amit Raju owns and operates http://www.planetarybanking.com, a site offering information about International Banking Services.
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