ICICI Bank has been granted permission by the Monetary Authority of Singapore to provide banking services in the country. The bank has been awarded a qualified full banking (QFB) class.
After this step, ICICI has become the 2nd Indian bank to be given permission in Singapore, with SBI being the first one. These banking licenses comprise a portion of the bilateral agreement between India and Singapore as a measure of increasing their financial sectors.
ICICI Bank has been awarded permission to start 25 branches/ATMs in Singapore. However the bank would take a different expansion path in Singapore than that adopted by SBI. According to ICICI Bank official, “In the near term, the bank will focus on increasing its presence in the corporate, commercial, wealth management and Direct Banking businesses both in Singapore and in the Asian region by capitalizing on the strong trade and investment flows with India.”
The bank official said, “Trade and investment flows between Singapore and India have been growing significantly as a result of CECA. We expect to see the step-up because of the free trade agreement between India and the Asian. We see continued growth in business opportunities as a result of this move.”
The Singapore arm of the bank presently provides corporate amenities and products primarily to Indian corporates, international loan syndication, trade finance, deposit and wealth management products and treasury operations. However it does not offer any personal loans.
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