The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Letter from Singapore

The Editor

EuromoneyNestor HousePlayhouse YardLondon EC4V 5EXUnited Kingdom


Dear Sir,


In "Outwards and upwards", you reported Senior Minister Lee Kuan Yew as telling the foreign correspondents association that "if anyone present happened to hold shares in United Overseas Bank (UOB), [he said], they might like to consider selling them," and commented that "for Lee to say it meant there had to be a big rift between the government and the bank."


For the Senior Minister to ask investors to consider selling the shares of a particular bank in his country would be an extremely serious matter. But Mr. Lee never did this. What he did say, in reply to a question on whether local banks were moving fast enough with global changes, was:


"We've brought about some changes in DBS, forced the pace for OCBC. OUB is moving. UOB is, I think, Mr Wee Cho Yaw [Chairman and CEO of UOB] is also facing up to the fact that he won't be there forever. He has to get somebody who's equal to the job, or the bank will go down.


"So, yes, we have moved, but not moved enough.






You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree