The MAS had granted ICICI Bank a license to transact banking business in Singapore with effect from August 1, 2003.
Currently, the Singapore branch offers financial solutions to corporates with India linkages, international loan syndication, trade finance and services to support India’s growing trade with Singapore and the ASEAN, deposit and wealth management products, and treasury operations in Singapore to complement and support ICICI Bank’s international operations.
Chanda Kochhar, managing director and CEO of ICICI Bank, said: “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. We expect to see significant increase in our client base in the region having strong India connections.”
