Looking at your own approach in China and that of other banks, what has experience told you is the best strategy
Marc Poirier China is a big country. It's best to travel light. In particular, our approach is to make sure we don't get bogged down in expensive legal entities across a range of activities, such as investment banking, fund management or corporate banking. Some foreign banks already have a commercial banking JV, a JV with a fund management house or sometimes two, and a JV with a securities houses. That is a lot of legal entities, with a lot of attendant costs. For SG, China is still a developing market....
