The first branch in Singapore inaugurated by HDFC to expand financial services.
The Monetary Authority of Singapore (MAS) has granted a wholesale banking license to HDFC Bank effective October 15, 2024.
This will enable the bank to offer a wider range of financial products and services to Singapore residents.
HDFC Bank will continue to provide loan-related administrative services to nris in Singapore for obtaining home loans and purchasing properties in India through its new branch.
Rakesh Singh, Group Head, International Banking, Investment Banking, Private Banking, Digital Ecosystems & BAS, HDFC Bank, inaugurated the branch.
HDFC Bank’s international operations now comprise five branches, including one each in Hong Kong, Bahrain, Dubai, Singapore and an IFSC Banking Unit (IBU) at Gujarat International Finance Tech City.
The lender also has representative offices in Kenya, Abu Dhabi, Dubai and London.
The balance sheet size of the bank’s international business as of March 31, 2024 was $9.06 billion.
