How many banks is enough?
Two, says Singapore’s Minister Mentor and former PM Lee Kuan Yew. At a dinner hosted by the Association of Banks he said he preferred two major local banks instead of the current three, as it would give them more capital to expand into overseas markets “in a more meaningful way”. Singapore, like many other countries, saw a bank consolidation in the last decade due to fears that smaller banks would be unable to compete, especially as large foreign banks like Citigroup and Standard Chartered moved in to challenge.
source & article: Reuters via Yahoo! Singapore
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