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| Singapore Branch (Photo: Business Wire) |
KUALA LUMPUR, Oct 18 (Bernama) -- HDFC Bank, India’s private sector bank, has opened its first branch in Singapore to provide banking services and has been granted a wholesale banking licence by the Monetary Authority of Singapore (MAS) effective Oct 15.
“A presence in a major international financial centre like Singapore will help us meet the banking requirements of our valued customers in the region, which include MNCs, portfolio investors, wealth customers and trade partners of our Indian clients.
“We would also like to thank the MAS and the Reserve Bank of India (RBI) for their continued support and guidance,” said HDFC Bank Group Head - International Banking, Investment Banking, Private Banking, Digital Ecosystems and BaaS, Rakesh Singh in a statement.
The branch was inaugurated by Rakesh Singh, in the presence of HDFC Bank Singapore Chief Executive Officer, Gaurav Khandelwal, and other senior management personnel.
Earlier a representative office of erstwhile HDFC Limited, it became a representative office of the bank, post the merger from July 1, last year.
It provided loan-related administrative services to NRIs in Singapore for availing housing loans and purchase of properties in India, in which this facility will continue to be provided through the new branch.
The bank’s international operations now comprise five branches, with one each in Hong Kong, Bahrain, Dubai, Singapore and an IFSC Banking Unit (IBU) in Gujarat International Finance Tech City, in addition to existing representative offices in Kenya, Abu Dhabi, Dubai and London.
-- BERNAMA
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