So who won?

As the dust settles on Singapore's surprisingly acrimonious bout of banking consolidation, who has come out of the process unscathed and enhanced? Not DBS, with a failed bid and a public relations mess; not really UOB or OUB either, until complex integration issues are resolved. OCBC had the smoothest ride, but its acquisition of Keppel will not transform the bank, and it becomes the smallest of three competitors. No, the unquestioned winners fall into two camps: Singapore itself, with a more sensible banking environment, and the international investment banks who will pick up the fees. By Chris Wright.