The biggest Wall Street and European banks are still losing market share to local rivals in Asia, after failing to win back business following a difficult 2015.
The latest data from industry monitor Coalition showed foreign banks attracted just 19 per cent of the Asia investment banking wallet last year, down from 27 per cent in 2014.
Most of the collapse happened in 2015, when the western banks’ share dropped to 20 per cent. After two years of booming equity capital markets in Asia, driven by large Chinese initial public offerings, revenues collapsed in 2015 as deals thinned out and competition with regional banks intensified.
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