New Delhi: The largest private sector lender
ICICI Bank can soon operate as a local bank in Singapore,
following an in-principal approval from the city-state.
"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," said a senior Commerce
Ministry official.
There are some formalities that need to be completed,
official said, adding, the initial approval came some time
back, that would allow the bank to open about 25 branches in
the city-state.
Following the QFB status, ICICI Bank will be allowed to
set up branches, ATMs, take deposits and disburse loans like a
local bank in the island nation.
When contacted, ICICI Bank spokesperson said, "it is
true that we have applied for a QFB status in Singapore and
our application is under process."
ICICI Bank would be the second Indian bank to get QFB
status after the State Bank, which got the permission last
year.
Under the Comprehensive Economic Cooperation Agreement
(CECA) with the government of Singapore, three Indian banks
would get QFB status.
Following the QFB approval in October 2008, SBI opened
three more branches. SBI was present in Singapore since 1977
with an offshore banking licence involved in commercial and
wholesale banking.
PTI
First Published: Monday, December 07, 2009, 20:40