HDFC Bank, India’s largest private lender, has signaled its overseas ambitions and aims to open its first branch in Singapore after completing a landmark merger with mortgage lender Housing Development Finance Corporation last year. ing.
The bank has applied for a banking license from the Monetary Authority of Singapore and is awaiting approval, sources said. It is unclear what kind of banking license HDFC Bank plans to obtain in Singapore, one of the people said, asking not to be identified as the information is confidential.
The banking giant is looking to expand its presence overseas, tap savings and fixed deposits among the Indian diaspora, and cross-sell more products, including home loans, the people said. Domestically, HDFC has focused on deepening its reach in the world’s most populous country through lending to retail customers.
HDFC Bank did not respond to an email seeking comment. “As a matter of policy, MAS does not comment on transactions with financial institutions,” a spokesperson for the Singapore regulator said.
Singapore, with a population of about 6 million people, is home to a large Indian diaspora. The city-state is home to about 650,000 non-residents and people of Indian origin, according to Indian government data.
According to its website, HDFC Bank is currently not licensed or regulated by MAS. Its website states that it only provides mortgage-related advisory services for property purchases in India.
Singapore’s banking license categories include full bank, qualified full bank, and wholesale bank, which impose varying levels of restrictions on lenders’ activities. State Bank of India and his ICICI Bank hold eligible full banking licenses, along with eight other banks such as Bank of China and his BNP Paribas SA. According to the Singapore Bankers’ Association website, such licenses are only granted to foreign banks and allow foreign banks to add branches and off-site ATMs, as well as to share ATMs between banks.
According to its website, MAS regulates and supervises more than 150 depository institutions in Singapore, ranging from banks to financial companies.
Apart from Singapore, HDFC Bank also has a presence in markets such as London, Hong Kong and Bahrain.
According to an investor presentation, Bank of India’s total customer base was 93 million at the end of the December quarter, compared to 91 million in the previous three months.
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