Another eight banks and non-bank lenders have completed internal processes to allow them to submit the plans, the regulator said.
A total of 37 proposals have been approved.
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The full statement is reproduced below:-
Financial Sector Consolidation Update - September 2014
During September 2014, the Monetary Board approved, in-principle, another 8 consolidation proposals submitted by banks and Non-Bank Financial Institutions (NBFIs), thus bringing the total number of proposals approved so far to 37.
At the same time, consolidation plans of another 4 banks and 4 NBFIs are also being finalized, and are due to be announced in the near future.
The work relating to the mergers/acquisitions that have already commenced continued to progress, with the respective banks and NBFIs working towards the timelines set at the beginning of the year.
The Central Bank held a further round of discussions with selected NBFIs with a view to resolving pending issues on their resp