ACQUISITION AND MERGER OF COMMERCIAL BANKS

Dr Ker Sin Tze asked the Deputy Prime Minister whether the Government will encourage the banking industry to preserve one or two small banks to serve small and medium enterprises and small account holders in spite of the current acquisition and merger of commercial banks in Singapore.

Mr S. Iswaran asked the Deputy Prime Minister (a) whether consolidation within the domestic banking sector will have anti-competitive consequences; and (b) what measures are in place to ensure continued competition and quality in the provision of banking services, especially to small customers.

Mr Low Thia Khiang asked the Deputy Prime Minister what is the Government's vision for Singapore to become an international financial centre and whether the merger of commercial banks will help to move Singapore towards the vision.

The Deputy Prime Minister (BG Lee Hsien Loong): Mr Deputy Speaker, Sir, with your permission, I will take Questions 10, 11 and 12 together and answer it in a Ministerial Statement which I will give after Question Time, so as to have more time for discussion.