The transformation of Singapore banks

In 2014, Singapore banks made significant acquisitions, while foreign banks ramped up their local operations here

Published Wed, Dec 17, 2014 · 09:50 PM

Singapore

THE economy may have slowed somewhat but Singapore's banking sector stood out in 2014 for its continued vibrancy, with local banks leading the charge while foreign ones ramped up their presence, especially in wealth management and trade finance.

The Singapore economy is expected to grow 3 per cent in 2014, down from 3.9 per cent in 2013, the government said last month. In Q3, the strongest performance came from the finance & insurance sector, whose growth surged to 10.5 per cent year-on-year, from 5.5 per cent in the previous quarter.

2015 is expected to see banking and finance the star performer again, and banks which have been investing will gain the most.

Among the notable deals in 2014 were transformative acquisitions by DBS Gr…