Sunil's view on the Lion Citi

Citibank''s Singapore country head, Sunil Sreenivasan assesses the fallout of the city''s bank mergers.

Is bank consolidation a good thing for Singapore

Absolutely. Singapore banks did not have critical mass in terms of processing volume, or balance sheet power in terms of underwriting capability, and did not have access to big enough IT platforms. They also do not have the regional footprint to compete with today's world class banks.

Citigroup, HSBC and Standard Chartered all have significant regional footprints. This enables us to process regionally. Citigroup has a trade processing centre in Penang, a cash processing centre in Singapore, and a treasury processing centre in Sydney - all of them process for the region. This enables us to process our whole regional volume at a lower unit cost, and...

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