It was stressed by Singapore’s Minister Mentor Lee Kuan Yew that the country’s banks need to consolidate their operations, if they want to expand their business outside the country.

He was giving his views at an event organized by the Association of Banks of Singapore. He said that the three biggest banks of Singapore were not able to capitalize the way big global banks have done.

Mr. Lee pointed that the emerging opportunities in India and China should be utilized by the banks of Singapore and they need to have a solid base to launch their operations in these countries.

He also felt that the countries banks were yet to penetrate the markets of other Asian countries. He was optimistic that may be one bank from Singapore will be able to mark a mark on the global level. He also wanted the banks to emulate the big banks of U. S. and U. K.

Mr. Lee was also very confident of the health of the Singapore’s economy. He also praised the steps taken by the financial services sector of the country.

He argued that Singapore was a safe and reliable destination for investment, which helped it to overcome the global financial crisis without facing problems.

Mr. Lee was also confident about the long term health of the Singapore economy and the country’s real estate market.