Last amended by an amending law of 2016.
A bank incorporated in Singapore must not be merged or consolidated with, or be taken over by, any other body corporate or unincorporate without the prior written approval of the Minister.
bank
“bank” means any company which holds a valid bank licence under section 7 or 79;
The Minister may approve an application made under subsection (1) if —
the Authority is satisfied that —
the body corporate or unincorporate is a fit and proper person or body of persons; and
having regard to the likely influence of the body corporate or unincorporate, the business of the bank will be or will continue to be conducted prudently and the provisions of this Act will be or will continue to be complied with in relation to such business; and
the Minister is satisfied that it is in the national interest to do so.
The parties to a proposed merger or consolidation, in respect of which an application is made under this section, must provide such information as the Minister or the Authority may require for the purposes of subsection (2).
Without limiting subsection (1), for the purposes of this section, a bank is deemed to be merged with a body corporate or unincorporate if the bank or its shareholders enter into any agreement or arrangement under which all or substantially all of the business of the bank is to be managed, and under which the shareholders of the bank will be accorded rights, as if the bank has been merged with such body corporate or unincorporate, as the case may be.
agreement
“agreement” means an agreement whether formal or informal and whether express or implied;
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.
Any person who in purported compliance with any requirement under subsection (2A), provides any information, knowing or reckless that the information is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
in any other case, to a fine not exceeding $250,000.