ICICI Bank gets QFB privileges in Singapore

The Monetary Authority of Singapore allowed ICICI Bank to offer retail banking services. The authority has granted ICICI Bank a qualified full banking (QFB) status. ICICI Bank now has the permission to open 25 outlets (branches or ATMs) in Singapore. “We are delighted to receive this approval since it will further strengthen our footprint in the corporate, commercial, wealth management and Direct banking services in Singapore," said Chanda Kochhar, Managing Director and CEO, ICICI Bank. " We expect to see significant increase in our client base in the region having strong India connections”. ICICI Bank is the second Indian entity to get this authorisation in Singapore. The country’s largest lender, State Bank of India (SBI), was given a similar license two years ago. The license is a part of a bilateral agreement between India and Singapore to open up their financial sector. On its part, the RBI had allowed DBS, Singapore’s largest bank, to open another eight branches in the country. Another Singapore bank, UOB was also given the nod for a branch operation here. SBI has used the authorisation to open seven branches and 17 ATMs in the city state and has started retail banking operations.