The world is a curious place. An aficionado of The Banker’s Top 1000 listing may have noticed that Iceland, a country of less than 300,000 people, produced three banks in the leading 500 world banks while India, a giant with 3000 times the population, produced only six banks in the leading 500.
How does a country known mainly for fishing, tourism and volcanos produce three major banks while a country whose largest bank – State Bank of India, which has more employees than the entire population of Iceland – produces only six? The answers are revealing.
