Overseas banks are leaving Singapore
High rental rates and labour costs together with the on-going tightening of Singapore CB’s regulations have forced some overseas banks to close their Singapore branches and search for other Asian countries with more favourable conditions for conducting business.
Among the first banks to do so were the Royal Bank of Scotland andLandesbank Baden-Wuerttemberg. Last December, both have announced the winding up of their operations.
Experts say that the Singapore banking system should oversee significant changes that above all will entail the cuts in banking sector jobs and in the number of banks to save only those that provide traditional services for Singapore companies and private persons.