Largest private sector lender ICICI Bank is all set to operate as a local bank in Singapore, following an in-principal approval from the city-state.
According to a senior commerce Ministry official, “Singapore has given an in-principle approval to ICICI Bank as a qualified full bank (QFB) status. The Singapore Prime Minister has written to Prime Minister Manmohan Singh regarding this.” The official said that there are some formalities that need to be completed and added that the initial approval that would allow the bank to open about 25 branches in the city-state came some time back.
ICICI Bank would be the second Indian bank to get QFB status after the State Bank, which got the permission last year.Upon obtaining the full bank status, ICICI Bank will be allowed to set up branches, ATMs, take deposits and disburse loans like a local bank in the island nation. Under the Comprehensive Economic Cooperation Agreement (CECA) with the government of Singapore, three Indian banks would get QFB status.
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