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Reuters
Reuters - Saturday, June 26
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* Lee Kuan Yew says further consolidation needed among banks
* Overseas expansion requires bigger bank, more capital
* Sees real demand in Singapore's residential market
By Saeed Azhar and Kevin Lim
SINGAPORE, June 25 - Singapore could do better with two instead of three local banks so they could expand overseas in a more meaningful manner, the city-state's senior statesman Lee Kuan Yew said on Friday.
Currently Singapore has three banks -- DBS <DBSM.SI>, which is partly owned by state investor Temasek Holdings [TEM.UL], family-controlled United Oveseas Bank <UOBH.SI> and Oversea-Chinese Banking Corp. <OCBC.SI>.
"I would have preferred personally that there were only two banks because I don't think Singapore was big enough for three banks," Lee said at a dinner hosted by the Association of Banks in Singapore.
Singapore saw a wave of bank mergers and acquisitions in the early 2000s, which was sparked by government's view then about the city-state having too many banks. After the consolidation it allowed foreign banks like Citigroup <C.N> and Standard Chartered <C.N> to increase their presence in Singapore.
Lee said at the dinner that Singapore banks could expand outside in a more meaningful way if they were larger and have more capital.
He also spoke about the residential property market, where analysts are warning that the market may be overheating.
"There is real underlying demand," in the residential market, said Lee, Singapore's first prime minister who now holds the title of minister mentor in the cabinet of his elder son Lee Hsien Loong. "It is not a bubble yet and we are taking steps to ensure that."
Singapore private home prices rose 5.6 percent in the first quarter from the last three months of 2009 despite government policies such as higher down payment requirements for mortgages
http://sg.news.yahoo.com/rtrs/201006...y-c3bb44c.html
Reuters
Reuters - Saturday, June 26
* Send
* IM Story
* Lee Kuan Yew says further consolidation needed among banks
* Overseas expansion requires bigger bank, more capital
* Sees real demand in Singapore's residential market
By Saeed Azhar and Kevin Lim
SINGAPORE, June 25 - Singapore could do better with two instead of three local banks so they could expand overseas in a more meaningful manner, the city-state's senior statesman Lee Kuan Yew said on Friday.
Currently Singapore has three banks -- DBS <DBSM.SI>, which is partly owned by state investor Temasek Holdings [TEM.UL], family-controlled United Oveseas Bank <UOBH.SI> and Oversea-Chinese Banking Corp. <OCBC.SI>.
"I would have preferred personally that there were only two banks because I don't think Singapore was big enough for three banks," Lee said at a dinner hosted by the Association of Banks in Singapore.
Singapore saw a wave of bank mergers and acquisitions in the early 2000s, which was sparked by government's view then about the city-state having too many banks. After the consolidation it allowed foreign banks like Citigroup <C.N> and Standard Chartered <C.N> to increase their presence in Singapore.
Lee said at the dinner that Singapore banks could expand outside in a more meaningful way if they were larger and have more capital.
He also spoke about the residential property market, where analysts are warning that the market may be overheating.
"There is real underlying demand," in the residential market, said Lee, Singapore's first prime minister who now holds the title of minister mentor in the cabinet of his elder son Lee Hsien Loong. "It is not a bubble yet and we are taking steps to ensure that."
Singapore private home prices rose 5.6 percent in the first quarter from the last three months of 2009 despite government policies such as higher down payment requirements for mortgages
http://sg.news.yahoo.com/rtrs/201006...y-c3bb44c.html
Last time they blamed the economy/etc for loses but this year they take credit themselves for profit
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