HDFC Bank has officially launched its first branch in Singapore, as part of its worldwide expansion strategy

Description

HDFC Bank has officially launched its first branch in Singapore, as part of its worldwide expansion strategy. The Monetary Authority of Singapore (MAS) granted the bank a wholesale banking license, which will take effect on October 15, 2024, and will allow it to offer a variety of financial goods and services to Singaporeans.

Focus

This new office, which will serve multinational corporations (MNCs), portfolio investors, rich consumers, and trade partners, is another milestone in HDFC's expanding worldwide presence.

Wholesale Banking License

MAS granted HDFC Bank a wholesale banking license, allowing it to provide a variety of financial services to Singapore residents, including corporate banking, investment banking, and wealth management.

NRI Services

The new Singapore location will continue to provide administrative services for Non-Resident Indians (NRIs) seeking housing loans and purchasing properties in India, while also expanding the company's existing regional products.

Inauguration Event

Rakesh Singh, Group Head of International Banking, inaugurated the branch in the presence of HDFC Bank Singapore CEO Gaurav Khandelwal and other management personnel.

Catering For International Clients

The Singapore branch will serve the banking needs of multinational corporations, portfolio investors, and Indian clients' trade partners, utilizing Singapore's reputation as a major global financial hub.

HDFC Bank's International Presence

With the addition of Singapore, HDFC currently has five foreign branches: Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit at Gujarat foreign Finance Tech City. The bank also has representative offices in Nairobi, Abu Dhabi, Dubai, and London.

Growing International Balance Sheet

As of March 31, 2024, HDFC Bank's worldwide business has a balance sheet of $9.06 billion, showing the importance of its abroad activities in the company's overall growth.

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