By Gaurav Raghuvanshi
Singapore's central bank Thursday named seven local and
international banks that it considers "systemically important" to
the island nation and said that it would increase supervision of
them.
The banks named by the Monetary Authority of Singapore in its
initial list include Citibank, Standard Chartered Bank, Hongkong
and Shanghai Banking Corp. among the international banks. In
addition, three local banks-- DBS Group Holdings Ltd.,
Oversea-Chinese Banking Corp. and United Overseas Bank--and
Malaysia's Malayan Banking Bhd. are also on the first list.
The identified banks will be required to locally incorporate
their retail operations and will be subjected to higher capital
requirements, the Authority said.
These banks are "assessed to have a significant impact on the
stability of the financial system and proper functioning of the
broader economy," the Authority said. All banks in Singapore will
be assessed for their systemic importance annually based on several
factors including their size, interconnectedness and complexity, it
said.
Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com
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