Universal banking, since it houses diverse products with different asset liability structures and risk profiles, can be considered the most risky. In conventional banking, where universal banking is allowed, banks need to create firewalls so that no asset liability mismatches occur, and internal transfers of funds raised from one type of liability (i.e.
short term deposits) are not deployed against a source which typically provides products with long term maturity (i.e. investment banking, insurance etc). •  In the absence of a formal Holding Company structure, the corporate structures at the group level are quite opaque and in various cases create ambiguities about the roles and responsibilities of the board of one entity vis-à-vis another.