Singapore banks missing the boat in booming S-E Asia

THE three local banks are not having a good year, mostly due to forces beyond their control, but they seem to be also scoring own goals - missing opportunities right on their doorstep, our South-east Asian neighbours.

The past two decades have been a waste in terms of what they should have done, formulating and working out a thoughtful strategy of expansion in Asean countries but efforts have been half-hearted and sometimes marred by ineptitude.

Singapore contributes the bulk or the lion's share of profits to DBS Group Holdings, OCBC Bank and United Overseas Bank (UOB) but domestic sluggish growth, a slump in the property market and a prolonged period of weak interest rates are translating to poorer earnings.