Newly opened branch offers a wide range of financial products and services
HDFC Bank said its first branch in Singapore is to meet the banking requirements of valued customers in the region which include MNCs under Monetary Authority of Singapore (MAS) granted wholesale banking license since 15 Oct 2024.
“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,” said Rakesh Singh, Group Head – International Banking, Investment Banking, Private Banking, Digital Ecosystems and BaaS, HDFC Bank bseindia .
“We would also like to thank MAS and the Reserve Bank of India (RBI) for their continued support and guidance nseindia .”
The branch is offering a wide range of financial products and services to residents of Singapore sbi.com.in .
Earlier a representative office of erstwhile HDFC Limited, it became a representative office of the Bank, post the merger from 1 July 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 digitalasiahub .
The branch was inaugurated by Rakesh Singh in the presence of Gaurav Khandelwal, CEO, HDFC Bank, Singapore, and other senior management persons from the Bank deutsche-boerse .
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 31 March 2024, the Balance Sheet size of the Bank’s International Business stood at US$ 9.06 billion investindia.gov.in . Fiinews.com
