International Financial and Business Experts Upbeat about Singapore's Financial Sector

Singapore, 17 September 2006...The Monetary Authority of Singapore's (MAS) International Advisory Panel (IAP) met today and discussed the economic outlook for Asia, as well as the challenges and opportunities for financial institutions operating in the region. 

2. On Asia, IAP members were optimistic about its prospects for continued growth.  They urged the ASEAN countries to accelerate regional trade and financial integration. 

3. The IAP expressed confidence that Singapore was well-positioned to tap regional and global opportunities for growth, given its strong reputation for integrity and reliability, its connectivity with Asia and the rest of the world, and its cost-effectiveness for high value-added activities.

4. Mr Lim Hng Kiang, Minister for Trade and Industry, MAS' Deputy Chairman and IAP Chairman, said, "We had a stimulating and insightful discussion.  IAP members highlighted areas where Singapore has competitive advantages.  We will take their recommendations on board as we review our strategies and policies."

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1st row (left to right): Mr Lim Hng Kiang (Minister for Trade and Industry, Deputy Chairman MAS), Mr Rijkman Groenink (CEO of ABN Amro Bank), Mr Jacques Aigrain (CEO, Swiss Re), Prime Minster Lee Hsien Loong, Mr John Varley (Group Chief Executive, Barclays Bank Plc), Mr William B. Harrison, Jr. (Chairman, JP Morgan Chase)

2nd row (left to right): Mr Ratan N. Tata (Chairman, Tata Sons Limited), Mr Stan ONeal (CEO and President, Merrill Lynch), Mr Michel Pebereau (Chairman and CEO, BNP Paribas), Mr Claude Bebear (Chairman, Supervisory Board of AXA Group), Dr Junichi Ujiie (Chaiman, Nomura Holdings, Inc Japan)

3rd row (left to right): Mr Chao Hick Tin (Attorney-General, MAS Board Member), Mr Lloyd C. Blankfein (CEO, Goldman Sachs Group), Mr Shigemitsu Miki (Chairman, The Bank of Tokyo-Mitsubishi UFJ, Ltd.), Mr Heng Swee Keat (Managing Director, MAS), Mr David Fisher (Chairman, Capital Group), Mr Lim Chee Onn (Executive Chairman, Keppel Corporation, MAS board Member), Mr Kenneth D. Lewis (Chairman, CEO and President, Bank of America Corporation)