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Look Eastward, Bankers.(International Edition; CITIES)(Brief article)
Byline: William Underhill
As the fortunes of Wall Street and the City of London decline, moneymen are looking east for new bases. And so far the biggest beneficiary seems to be Singapore. The latest Global Financial Centres Index shows that Singapore overtook Hong Kong to secure third place--right behind New York and London--in the global competitiveness rankings. And the city-state now leads the list of locations "where new offices were likely to be opened."
Singapore's clean reputation has aided its rise. Its bankers played no part in the tricky dealings that brought down the global financial system. It's also got a leg up on Britain and America when it comes to regulation: Singapore's rules are clear and well established, thanks in part to an overhaul in the wake of the Barings Bank scandal of the early '90s.
These attributes are likely to further boost Singapore's popularity, which had ...
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Source: HighBeam Research, Look Eastward, Bankers.(International Edition; CITIES)(Brief article)