CURRENT AFFAIRS
CURRENT AFFAIRS
Description
In a strategic move, HDFC Bank Ltd, India's largest private sector lender, is aggressively seeking to open its first branch in Singapore. Following its massive merger with Housing Development Finance Corp. last year, HDFC Bank is trying to broaden its global presence.
License Application With The Monetary Authority Of Singapore
HDFC Bank has applied to the Monetary Authority of Singapore (MAS) for a banking license and is currently awaiting clearance. The license type's specifics are unknown, and the application process is kept confidential.
Overseas Expansion Strategy
HDFC Bank's decision to establish a presence in Singapore is consistent with its overall aim of expanding its worldwide reach. The bank aims to tap into Singapore's Indian diaspora by luring savings and term deposits and encouraging cross-selling of various products, including mortgages.
Focus On The Indian Diaspora In Singapore
With Singapore's significant Indian diaspora of about 650,000 non-residents and people of Indian heritage, HDFC Bank sees a potential to serve this market. The bank is strategically positioned itself to provide a variety of financial products and services specialized to the Indian population in Singapore.
MAS Response And Regulatory Landscape
In response to inquiries, the MAS reiterated its policy of not commenting on transactions with financial institutions. As of present, HDFC Bank is neither licensed or regulated by the MAS, and its services in Singapore are confined to home loan advice services for property purchases in India.
Categories Of Banking Licenses In Singapore
Singapore has three types of banking licenses: full banks, qualifying full banks, and wholesale banks, each with differing levels of activity limitations. The application by HDFC Bank indicates that it intends to overcome these regulatory frameworks in order to create a more complete banking presence in Singapore.
International Presence Beyond Singapore
Apart from Singapore, HDFC Bank has established a presence in global financial hubs such as London, Hong Kong, and Bahrain. This move is part of the bank's overall ambition to broaden its geographical presence and enter overseas markets.
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