May 2002
More questions than answers
All the indications are that Singapore is losing economic ground to immediate regional neighbours and – a bigger, more distant threat – Hong Kong and mainland China to the north. The financial authorities and some investment bankers deny that there is a problem, or at least one that can’t be solved, but ideas for a change of direction are thin on the ground.
In April, one of Europe's most senior bankers flew into
Singapore. After meeting his own people he sat down for lunch with
Lee Hsien Loong, Singapore's deputy prime minister and finance
minister. After the usual round of pleasantries, Lee hit the banker
with the two all-important questions now facing Singapore.
First, would he be bringing more investment banking capabilities
into Singapore, so boosting its presence in the country and the
region? "He asked us in a very roundabout manner where we saw our
business evolving but we knew what he meant," says a banker present
at the lunch. "So we said, if you are asking where do we think the
next US$150 million of revenue opportunity for this bank is we
would have to say China."
According to the banker, Lee was shocked by the amount. He
actually asked the bankers if they really thought it was going to
be...
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