Business leaders and business groups on Monday issued statement to mourn the passing of Singapore's former prime Minister Lee Kuan Yew.

Here are some excerpts:

1. OCBC Bank's chairman, Mr Ooi Sang Kuang, and OCBC Bank's CEO, Mr Samuel Tsien

"Today, it is hard to conceive of modern Singapore absent the role he played. His passing is a tremendous loss, but Mr Lee's life will continue to inspire us."

2. International Monetary Fund managing director Christine Lagarde

"He was a visionary statesman whose uncompromising stand for meritocracy, efficiency and education transformed Singapore into one of the most prosperous nations in the world".

3. Singapore Chinese Chamber of Commerce & Industry

"He adhered strictly to the rule of law and a clean government against all odds, and steered Singapore towards sustainable growth through his far-sightedness and wisdom, and a bold, charismatic personality."

4. NTUC secretary-general Mr Lim Swee Say and NTUC president Diana Chia

"Because of his care and concern for the people, countless workers have benefitted from fair treatment, higher wages and better conditions at the workplace. It is because of him that we, as a people, can lay claim to better jobs, better lives and brighter futures ahead".

5. Singapore sovereign wealth fund GIC

"In the three decades that he was chairman, he guided GIC through many global and regional financial crises and saw to key milestones in its corporate development".

6. Singapore Exchange

"We have much to thank him for, not least of which our status as a leading international financial hub".