"Sub-prime crisis has been a real shock, though Asian markets like China and India have remained unaffected. It is not yet over and it may take few more months before the crisis is over," said Davies, who is in India to attend the bank's board meeting.

Many banks and financial institutions in the US and Europe went bankrupt due to the crisis in the US where home loan borrowers could not pay their loans after rise in interest rate.

The sub-prime crisis across the world has yet again proved that the (banking) regulators of the world need to come together and make a new international framework to regulate.

One could not look at banks just as India, China or the UK, he said. "Because it is one market globally, so I think that G-7 and BRIC (Brazil, Russia, India and China) governments should come together and work out how to control and regulate the banking industry," he said.

He also said like growing international collaboration on the issues of health, poverty, education, governments should strengthen on the issue of banking as well through WTO.

He said the interest rates were like to remain stable at the international level in the mid-term, except for the concerns on commodity and energy prices which could have impact on the inflation outlook.

On falling dollar value against major world currencies, he said, "It will remain the single most important currency in the next 10-20 years. Meanwhile, Chinese and Indian currencies would also become global currencies in coming years."

Despite concerns over slow down of US economy, he said, high growth in China and India would continue to drive the global growth as both economies were contributing about 50 per cent of the global growth, said Standard Chartered Bank chairman.

He said the bank was keen to expand its network in Indian across 100 cities from the present level of 33 cities provided the banking regulator RBI granted licences to open more branches.

"We are keen to expand our business in the small and medium enterprise sector, micro finance and agricultural sector. In the micro finance, the bank is already providing funds to around 20 micro financial institutions (MFIs) that lend to the small help groups," he said, adding the bank was open to fund the Indian companies to acquire companies abroad.

During the past one year, the bank agreed to provide around $10 billion to Indian companies for this purpose, he added.