China is set to become the world's largest banking market and India the third-largest behind the US, according to a study by accounting firm PricewaterhouseCoopers LLP.

By 2050, banks in the seven emerging economies of China, India, Brazil, Russia, Mexico, Indonesia and Turkey will have higher profits and more assets than those in the Group of Seven countries, the report said.

China, India and the five other economies in what PricewaterhouseCoopers calls the E7 group of emerging countries will have economies between 25 percent and 75 percent larger than Canada, France, Germany, Italy, Japan, the UK and the US in 2050, the accounting firm said. Borrowing from banks in those countries is likely to grow faster than the economy as a whole, the report said.

"A lot of these markets look quite risky, but they're one of the places where you're going to get the biggest growth," John Hawksworth, head of macro-economics at the firm said in a phone interview. "We might see some of those banks in China and India looking to acquire banks in the US and Europe and become global players. If you're not over there, your growth will be limited and you might end up getting taken over by one of them."