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Dec 8, 2009
Indian bank to expand here
ICICI's move follows rival's aggressive growth here after getting licence
<!-- by line --> By Francis Chan
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The ICICI Bank Towers in Mumbai, India. If the bank's application is approved, it will be able to raise local currency deposits and have a total of 25 branches here. -- PHOTO: BLOOMBERG
Afterall they will hire their own kind first. Maybe locals won't even get to smell. But why do you wanna smell when its smelly?
<!-- story content : start --> ONE of India's biggest banks has applied for a coveted licence that will allow it to establish itself across Singapore with a wider range of services and reach out to more customers. The move will put ICICI Bank in direct competition with its rival, the State Bank of India (SBI), which has expanded aggressively here after being granted the licence last year. ICICI spokesman Charudatta Deshpande told The Straits Times that the bank has applied for what is known as a qualifying full bank (QFB) licence from the Monetary Authority of Singapore (MAS). If successful, it will be the second Indian bank after SBI, and only the eighth foreign one here, to get a QFB licence. Indian banks like ICICI and SBI have been operating mostly in the Central Business District or where the Indian diaspora frequent, such as Little India. They mainly serve corporate clients and provide remittance services for Indian workers. But the QFB licence will let them raise local currency deposits and grow their network up to a total of 25 bank branches.
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Home > Breaking News > Singapore > Story
Dec 8, 2009
Indian bank to expand here
ICICI's move follows rival's aggressive growth here after getting licence
<!-- by line --> By Francis Chan
<!-- end by line -->
<!-- end left side bar -->
The ICICI Bank Towers in Mumbai, India. If the bank's application is approved, it will be able to raise local currency deposits and have a total of 25 branches here. -- PHOTO: BLOOMBERG
Afterall they will hire their own kind first. Maybe locals won't even get to smell. But why do you wanna smell when its smelly?
<!-- story content : start --> ONE of India's biggest banks has applied for a coveted licence that will allow it to establish itself across Singapore with a wider range of services and reach out to more customers. The move will put ICICI Bank in direct competition with its rival, the State Bank of India (SBI), which has expanded aggressively here after being granted the licence last year. ICICI spokesman Charudatta Deshpande told The Straits Times that the bank has applied for what is known as a qualifying full bank (QFB) licence from the Monetary Authority of Singapore (MAS). If successful, it will be the second Indian bank after SBI, and only the eighth foreign one here, to get a QFB licence. Indian banks like ICICI and SBI have been operating mostly in the Central Business District or where the Indian diaspora frequent, such as Little India. They mainly serve corporate clients and provide remittance services for Indian workers. But the QFB licence will let them raise local currency deposits and grow their network up to a total of 25 bank branches.
[email protected]
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