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Louis Beckerling

HSBC chairman David Eldon took a swipe at Singapore bank regulators yesterday.

Asked about this month's takeover of Hong Kong's Dao Heng Bank by Singapore's biggest bank, DBS, Mr Eldon said: 'If banks from Singapore are going to come into Hong Kong and be able to take control of a bank here, I would hope it would open up the market for banks in Hong Kong who may wish to go into Singapore.

'And I would hope they would get a similarly free hearing from the authorities in Singapore.'

Mr Eldon was speaking after the annual general meeting of Hang Seng Bank.

He said that the remark should not be interpreted as a hint that HSBC was intent on making a takeover bid for a Singapore bank.

Additional comments that followed hinted rather at a lingering sense of grievance felt by HSBC over its failure to win a full-banking licence from Singapore authorities.

Four new full-banking licences awarded by the Monetary Authority of Singapore in October 1999 went to rival bidders Standard Chartered Bank, ABN Amro, Banque Nationale de Paris and Citibank.

The licences enabled those banks to open additional branches, operate off-premises automated teller machines and also share ATMs.

Mr Eldon said HSBC had operated in Singapore for more than 100 years and had a good track record.

'As far as a qualified full-banking licence in Singapore is concerned, when they make their requirements known for the next applications, we will consider whether or not to go to Singapore,' he said.

'The fact is we have a very good track record there. And if you look at banks that got full-banking licences last time, you may find them wanting,' he said.  However, Mr Eldon dismissed suggestions that HSBC had lost its bid for a full-banking licence because it had not bowed to pressure from the authorities to move to Singapore.

He said that at no time during the discussions on the licence did they try to make that a condition.

On the DBS takeover, Mr Eldon said its Hong Kong target, Dao Heng, was already a very well managed major bank.

'It may be that with the acquisition, they may want to be more aggressive in the market,' he said.

'We will have to respond to those challenges once we see what they do.'



HSBC chief takes aim at Singapore regulators in wake of DBS inroads