Is the consolidation over in the Singapore banking sector, or is there more to go
That's a hard one to call. Put it this way, there is no reason why there shouldn't be another round of consolidation in the near future. There's no reason why a country the size of Singapore needs more than two banks. On the other hand, there's no compelling reason why the existing three should merge. You reach a certain size and certain mergers can become counterproductive. So it's a hard one to call. You could end up with a steady-state of two, or a steady-state with three.
Is it politically difficult to have another merger now, because of the unemployment...
