TRANSCRIPT: Speech [As delivered], Finance Sec. Cesar V. Purisima, February 10, 2012. *First 8 minutes inaudible Interest rates are shrinking. In fact, bank will have challenging times also making money. You have to be truly efficient to squeeze that intermediation margin. In the case of your industry, you need bigger capital basis so that 1) you can reduce your overhead; you reduce your costs per client serve; 2) you increase the breadth of investment opportunities available to you with size, youre able to spread the risk across many more clients, many more products and maybe across more geographic boundaries. This business is about scale, this business is about efficiency and its a trust business.
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