Mumbai: ICICI Bank has opened its first retail branch in Singapore after it received the Full Banking Licence with Qualified Full Banking (QFB) privileges from the Monetary Authority of Singapore in April 2010.
This licence allows ICICI Bank to start retail banking operations by offering fixed deposits in Singapore dollars and other currencies, current and savings accounts and remittance services to India. Under the licence, the bank can open up to 25 outlets, including branches in Singapore, said a press release issued by the bank.
ICICI had started its Singapore operations in 2003 and was offering corporate banking services.
The press release quoted Ms Chanda Kochhar, ICICI Bank's Managing Director and CEO, as saying, “The launch of our first retail branch here is testament towards our commitment to Singapore, a market which is a major hub in our international network.”
At present, the bank offers services such as loan syndication, structured financial solutions for Indian corporates, trade services, and wealth management services.
Apart from ICICI Bank, State Bank of India is the only other Indian bank which has the permission to do retail business in Singapore. SBI had received QFB privileges two years ago.
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