HDFC Bank, an Indian private sector bank, inaugurated its first branch in Singapore to provide banking services. The Monetary Authority of Singapore (MAS) has granted HDFC Bank a wholesale banking license, which will be effective by October 15, 2024.
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 of HDFC Bank, Singapore, and other senior management persons from the Bank.
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 center 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.
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