International Business & Economy Get ready for a new flood of FTs and bloodshed of locals...

Get ready for a new flood of FTs and bloodshed of locals in finance industry

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Bloomberg published a news yesterday (14 Feb) saying that the govt will now allow foreign takeovers of Singapore’s three finance companies, as part of wider industry changes.

The 3 affected finance companies are: Hong Leong Finance, Sing Investments & Finance and Singapura Finance.

Foreign institutions are known to notoriously replace our local staff with their own foreign kakis when given a chance.

In fact, the situation got so bad that then Manpower Minister Tan Chuan Jin and DPM Tharman got to go down to have a “chat” with those foreign CEOs of the foreign banks. This was disclosed by Minister Tan himself in parliament few years ago.

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Unfortunately, anecdotal evidence shows that these foreign managements are just paying lip service. Local staff continue to be sacrificed.

So, it may very well look like if the 3 local finance companies are taken over by foreign entities, be prepared for a new exodus of our local staff and new flood of FTs into our finance industry. More people will be lining up to seek help from their MP soon.


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