HDFC Bank Aims for Singapore Banking License to Foster International Growth

18 Jan 2024 , 01:57 PM

HDFC Bank Ltd, India’s largest private sector lender, is to launch its first branch in Singapore, signalling its international ambitions after completing a major merger with mortgage financier Housing Development Finance Corp. last year.

According to individuals known with the matter, the bank has applied for a banking license from Singapore’s Monetary Authority and is awaiting clearance. It is unclear what type of banking license HDFC Bank is seeking in Singapore, according to one of the sources, who declined to be identified since the information is confidential.

According to the sources, the banking behemoth is looking to expand its international footprint in order to tap into the Indian diaspora for savings and term deposits, as well as cross-sell more products such as mortgages. At home, HDFC has been concentrating on expanding its presence in the world’s most populated country by offering loans to retail clients.

Singapore, with a population of about 6 million people, has a sizable Indian diaspora. According to Indian official statistics, the city-state is home to around 650,000 non-residents and people of Indian descent.

The MAS does not presently license or regulate HDFC Bank, according to its website. The website asserts that it solely provides home finance consulting services for the acquisition of homes in India.

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