Banking: ICICI gets retail licence in Singapore
The Monetary Authority of Singapore has told India's ICICI bank that it can start retail operations in Singapore.
ICICI has been granted "Qualified Full Banking" or "QFB" status.
It is the second Indian bank to be given this status: State Bank of India was awarded QFB status in 2008 and now operates seven branches and 17 ATMs - including one in the arrivals hall at Changi Airport.
ICICI's approval is for up to 25 branches but initially it will not head into retail, initially focussing on corporate, commercial and wealth management, capitalising on the strong trading relationships between Singapore and India.
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