Marsh estimates 50 to 90 cells within five years as Keppel and UOL add to the divestment wave. Banks have transferred higher-leverage, transitional, and stressed exposures to optimise capital efficiency, whilst retaining relationship-based senior lending and working capital. Singtel is the headline case, with a potential $21b to $23b from further Airtel stake sales and a data-centre IPO. Keppel has monetised $14.9b since October 2020 with $13.7b still available; UOL could raise $4.6b to $7.8b securitising its office or hotel portfolio. DBS framed the dynamic in three stages — announce, execute, return capital — and noted that a credible first asset sale can signal a multi-year catalyst pipeline.