Singapore has identified China and India as "huge potential markets" where its banks can expand after undertaking further consolidation,the city- state's senior statesman Lee Kuan Yew has said. Lee,who is Singapore's Minister Mentor,said that the city state could do better with two banks instead of the current three-DBS,UOB and OCBC. "I would have preferred personally that there be only two banks,because I don't think Singapore is big enough for three banks," Lee told the bankers at the Association of Banks in Singapore dinner last night. However,OCBC and UOB would not combine or merge or allow a takeover by DBS,the city state's biggest financial institution,he said.
