In a strategic move, HDFC Bank Ltd, India’s largest private sector lender, is actively pursuing its first branch in Singapore. Following its significant merger with Housing Development Finance Corp. last year, HDFC Bank is looking to expand its global footprint.
Sources reveal that HDFC Bank has submitted an application to the Monetary Authority of Singapore (MAS) for a banking license, and is presently awaiting approval. The specifics of the license type remain undisclosed, with confidential information surrounding the application process.
HDFC Bank’s move to establish a presence in Singapore aligns with its broader strategy to enhance its international reach. The bank aims to tap into the Indian diaspora in Singapore, attracting savings, term deposits, and promoting cross-selling of various products, including mortgages.
With Singapore hosting a substantial Indian diaspora of nearly 650,000 non-residents and persons of Indian origin, HDFC Bank sees an opportunity to cater to this market. The bank is strategically positioning itself to offer a range of financial products and services tailored to the needs of the Indian community in Singapore.
MAS, in response to queries, maintained its policy of not commenting on dealings with financial institutions. As of now, HDFC Bank is not licensed or regulated by MAS, and its services in Singapore are limited to home loans-related advisory services for property purchases in India.
The banking licenses available in Singapore include full banks, qualifying full banks, and wholesale banks, each imposing varying levels of restrictions on activities. HDFC Bank’s application signals its intent to navigate these regulatory frameworks to establish a more comprehensive banking presence in Singapore.
Apart from Singapore, HDFC Bank has established its presence in global financial centers like London, Hong Kong, and Bahrain. This move is part of the bank’s broader strategy to diversify its geographical footprint and tap into international markets.
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