S’pore banks

S’pore banks may be in focus following MM’s comments at a ABS event last Friday they may need to consolidate in bid to make greater headway abroad, reviving hopes for another round of M&A in S’pore's banking industry. However, his allusion to S’pore ideally having just 2 local banks not new. Still, consolidation prospects appear dim in near term as all 3 banks generally still cautious after emerging from last year's global crisis, with Europe's sovereign debt problems remaining a wild card.

OCBC has just completed acquisition of ING's Asian operations while DBS and UOB have been quiet on the M&A front.