India’s HDFC Bank Seeks Singapore Bank License to Grow Overseas
- Bank giant seeks approval on license from Singapore regulator
- Lender looking to tap Indian diaspora for deposits, savings
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HDFC Bank Ltd, India’s biggest private sector lender, is seeking to open its first branch in Singapore, signaling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year.
The bank has applied to the Monetary Authority of Singapore for a banking license and is awaiting approval, according to sources familiar with the matter. It is not clear what kind of banking license HDFC Bank is seeking in Singapore, said one of the people, who declined to be identified as the information is confidential.