PR Campaign For Bank Merger Gains Buy-In From Media, Execs

In 1998, the Singapore government declared its intention to
shake things up by lifting a longstanding ban on competition in the
nation's banking industry. Outsiders were to be allowed in, and
that meant the five local banks had better find a way to compete.
It was understood that they would do this through strategic mergers
among themselves, but for three years none of them was willing to
take the plunge.