Industrial and Commercial Bank of China
(ICBC), the biggest bank by market capitalisation worldwide, has
applied for a full banking licence in Singapore.
If ICBC gets the approval from the Monetary
Authority of Singapore, it could set up branches and ATMs across 25
locations across the country – and become the first Chinese bank
with a full banking license in the country.
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ICBC’s Singapore unit said it plans to
introduce a credit card and accept more retail deposits in the
Chinese currency yuan.
Its push into the Singapore market comes after
China Construction Bank (CCB), the second biggest bank by market
capitalisation in the world, upgraded its banking licence in
Singapore to wholesale in 2010.
But unlike ICBC, CCB is not planning to
expand into the retail segment in Singapore for now, instead
pushing into private banking.
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