Developments in Singapore’s Banking Sector

Outline Banking liberalisation Banking consolidation

Banking Liberalisation Types of foreign banks: – Offshore bank (OB) Restrictions – Wholesale bank (WB) Singapore $ deposits – Qualified foreign bank (QFB) Full bank 15 locations (10 branches)

Banking Liberalisation May 99: five-year program to liberalise domestic banking sector Oct 99: four QFB, eight WB licences Dec 01: two QFB, 16 WB licences, eight converted from OBs May 03: eight WB licences

Banking Liberalisation 28 full banks – 6 qualified full banks: Maybank, Citibank, HSBC, Standard Chartered, BNP Paribas, ABN Amro 37 wholesale banks 48 overseas banks

Banking Consolidation Number of local banks reduced to three in 2001: – UOB-OUB merger – OCBC-Keppel merger

End of Presentation