Gupta: Laggard lenders will vanish in a decade

Singapore

ONE decade is all the shelf-life some banks - especially those in the West - will have, DBS chief executive Piyush Gupta said on Wednesday.

He said these banks have been so caught up with regulatory changes that they have ignored the "profound" changes washing over the industry, such as the rise of digital banking, shifts in consumption patterns and the issue of data privacy.

Asian banks, left largely unscarred by the global financial crisis, are rolling with the changes more quickly and innovating, he said, even a…