The Monetary Authority of Singapore (MAS) has today granted Qualified Full Banking (QFB) privileges to ICICI Bank Singapore branch. Chanda Kochhar, Managing Director and CEO, ICICI Bank Ltd said, “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.
We expect to see significant increase in our client base in the region having strong India connections”.
The Singapore Branch was the first overseas branch of ICICI Bank. The MAS had granted ICICI Bank a license to transact banking business in Singapore with effect
from August 1, 2003.
Currently, the Singapore branch offers the following products and services.
- Comprehensive financial solutions to corporates with significant India linkages
- International loan syndication
- Trade finance & services to support India's growing trade with Singapore and
- the ASEAN
- Comprehensive deposit and wealth management products and
- Treasury operations in Singapore to complement and support ICICI Bank's international
- operations