HDFC Bank Inaugurated its First Branch in Singapore
October 17 2024 - 4:59AM
Business Wire
HDFC Bank, India’s leading private sector bank, inaugurated its
first branch in Singapore to provide banking services in Singapore.
HDFC Bank has been granted a wholesale banking license by the
Monetary Authority of Singapore (MAS) effective 15th October
2024.
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Singapore Branch (Photo: Business
Wire)
This allows the Bank to offer a wide range of financial products
and services to residents of Singapore.
Earlier a representative office of erstwhile HDFC Limited, it
became a representative office of the Bank, post the merger from
July 01, 2023. It provided loan-related administrative services to
NRIs in Singapore for availing housing loans and purchase of
properties in India. This facility will continue to be provided via
the new branch.
The branch was inaugurated by Mr. Rakesh Singh, Group Head -
International Banking, Investment Banking, Private Banking, Digital
Ecosystems and BaaS, HDFC Bank in the presence of Mr. Gaurav
Khandelwal, CEO, HDFC Bank, Singapore and other senior management
persons from the Bank.
Commenting on the occasion, Mr. Rakesh Singh said, “We’re
pleased to inaugurate a branch in Singapore and are delighted to be
here. A presence in a major international financial centre like
Singapore will help us meet the banking requirements of our valued
customers in the region which include MNCs, portfolio investors,
wealth customers and trade partners of our Indian clients. We would
also like to thank the Monetary Authority of Singapore (MAS) and
the Reserve Bank of India (RBI) for their continued support and
guidance.”
The Bank’s international operations now comprises of five
branches, with one each in Hong Kong, Bahrain, Dubai, Singapore and
an IFSC Banking Unit (IBU) in Gujarat International Finance Tech
City. The Bank also has representative offices in Kenya, Abu Dhabi,
Dubai and London. As on March 31, 2024, the Balance Sheet size of
the Bank’s International Business stood at US $ 9.06 billion.
ABOUT HDFC BANK
For more information, please click here:
https://www.hdfcbank.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20241017961437/en/
For media queries, please contact: Rushikesh Bade Senior
Manager, Corporate Communications HDFC Bank Limited +91 98339 70671
rushikesh.bade@hdfcbank.com
Madhu Chhibber Head, Corporate Communications HDFC Bank
Limited +91 98337 75515 madhu.chhibber@hdfcbank.com
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