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Singapore’s domestic banking sector is strong, well
regulated, and competently managed. The late nineties have
witnessed the liberalization of the Singapore banking sector,
raising the degree of competition among the financial players.
Singapore's recent wave of banking-sector consolidation,
advised by the Monetary Authority of Singapore, reduced
five domestic players to three because foreign banks have
bought up local banks and come to dominate the local market.
The remaining top three domestic retail banks in the market
face challenges. These include completing their acquisitions
and pursuing a government-mandated disposal of non-financial
assets by 2004.
Singapore's domestic banking system is one of the least
risky in Asia but the three remaining players face declining
profit margins and rising foreign competition in a saturated
home market. On the positive side, vigorous competition
from the six foreign banks has prompted domestic banks to
offer additional services.
Press
The Nation
TRI-BANK MERGER:
DBS wants a bigger slice of pie
January 29, 2004
Singapore-based DBS Bank, Southeast
Asia’s largest, has expressed interest in raising
its stake in the institution being created by the merger
of its subsidiary DBS Thai Danu Bank (DTDB) with Thai Military
Bank and the Industrial Finance Corp of Thailand (IFCT).
After the merger, which will produce the country’s
fifth largest bank with assets of Bt700 billion, DBS will
have a 10% stake in the new bank. DBS has said it wants
a higher stake, although it has not said how much more.
Financial Times (London, England)
United Overseas Bank
courts 'some Thai girls'
Amy Kazmin
February 6, 2004
Singapore's United Overseas
Bank is looking to merge its Thai unit with a local Thai
bank, as part of a Thai push for a smaller and stronger
financial sector. The Thai government would rather consolidate
the country's 83 financial institutions than allow increased
foreign competition.
Legislation
Banking
Law
Contact
Regulatory contacts
Monetary Authority of Singapore
Financial Supervision Group
10 Senton Way
MAS Building
PO Box 52
Singapore 079117
Tel: 65 2 255 577
Fax: 65 2 299 229
Web: http://www.mas.gov.sg
E-mail: webmaster@mas.gov.sg
Highlights
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Singapore