More competition but local banks can thrive. Despite the impending issuance of seven new banking licences, we believe that local banks will continue to thrive under an economic recovery environment. Local banks are already very competitive (as reflected by the increasing share of total assets in the system as well as venturing overseas) while the new licenced banks are not allowed to compete in the domestic retail business. Hence, we believe local banks can still thrive under a competitive environment.
Banking : More Licences, But Competition Should Not Deter Growth - 31/03/2010
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