We examine the impact of bank consolidations on interest rate pass-through in both countries using an asymmetric error correction model. Our findings show that for Singapore, the markup is higher and that the pass-through of deposit rates to prime rates is less complete in the post-consolidation period. For Malaysia, the markup is lower and the pass-through is more complete in the post-consolidation period. Our findings also reveal that the asymmetric short-term pass-through is exacerbated in Singapore and mitigated in Malaysia in the post-consolidation period. The evidence indicates that bank competition decreased in Singapore but increased in Malaysia after consolidations.