As tensions between the U.S. and China rise, it's become increasingly likely that the world will split in two, warned the chairman of a major British bank on Friday.

Such an event, if it materializes, will be "detrimental to the world," said Jose Vinals, group chairman at Standard Chartered Bank. His comments came as rivalry between the world's two largest economies extend into areas beyond trade such as technology and global influence.

"Something that I think will be detrimental to the world is if we were to move from the present state ... to a sort of bifurcation of globalization," Vinals told CNBC's Nancy Hungerford at the Institute of International Finance's spring meeting in Japan.

He explained that some countries and companies may start "doing more business and operating in the half of the world which is globalized along the western line," while the other half may work "in the part which is globalized along the eastern line."

"I hope it's not (going to happen) but this is something which is a more likely prospect now than it used to be a few years ago. And I think it's a very adverse reality if it eventually materializes," he added.