ICICI, India’s largest private
sector bank, will be able to expand its presence in Singapore after
being granted a qualified full banking status in the country.
The licence, authorised by the
Monetary Authority of Singapore, paves the way for ICICI to
strengthen its retail and corporate presence and build on the 19
international locations it currently spans.
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“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,” said Chanda Kochhar, the bank’s chief
executive.
“We expect to see significant
increase in our client base in the region having strong India
connections”, she added.
Its Singapore branch was the first
overseas branch of ICICI, opened in 2003.
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