As part of deregulation and reform of its financial and banking sectors, Hu oversaw the privatisation of the government-run Post Office Savings Bank (POSB) and the sale of POSB to the Development Bank of Singapore (DBS) in 1998.
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However, some members of the Cabinet and the People's Action Party supported Chua, including Finance Minister Richard Hu and former Trade Minister and then-Chairman and Chief Executive Officer of the Oversea-Chinese Banking Corporation Tony Tan Keng Yam.