The following is a Facebook post by We want Minister Grace Fu to resign:
Bloomberg published a news article yesterday (14 Feb) saying that the government 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.
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.