Singapore’s Business Times recently reported that in the past two years, eight foreign private banks have exited or will soon exit Singapore. CIMB Group Holdings Bhd group chief executive officer of wholesale banking Mak Lye Mun says the violations committed by BSI and Falcon Private Banks are isolated incidents, and not representative of the entire private banking industry. “Since the 2008 financial crisis, private banks in general have tightened governance surrounding the sales process. Last month, Dutch lender, ABN Amro announced it was selling its Asian private bank and more consolidation will probably follow. Three years ago, DBS had bought Societe Generale’s Asian private banking business.

Source: The Star January 27, 2017 23:37 UTC