SBI gets full bank status in Singapore

1. The full bank status will enable SBI to open up to 25 branches including ATMs and offer full range of financial services in Singapore.

 

2. SBI will be the first Indian bank to get this privilege in Singapore.

 

3. DBS plans to open all the eight branches in the next two quarters.

 

4. The Singapore bank says it has enough capital to meet the expansion requirements.

 

The Monetary Authority of Singapore has granted Qualifying Full Bank (QFB) privileges to State Bank of India (SBI).

 

The QFB will enable SBI to open up to 25 branches including ATMs and offer full range of financial services in Singapore.

 

As of now, SBI has only one branch in Singapore. With this, SBI will be the first Indian bank to get this privilege in Singapore.

 

SBI is expected to open at least three branches in the coming quarter. The bank will now be able to raise deposits and offer wide range of services in Singapore, he said.

 

The permission to expand its operation in Singapore will help SBI to boost its international revenue, which now accounts for about 10 per cent of its top-line.

 

Recently the SBI Chairman, Mr O.P. Bhatt, said that the bank’s global business is growing at a greater pace than its domestic business. The bank is hoping to double its share in the total business over the next ten years.  Shares of SBI closed at Rs 1,740, on the BSE, on Tuesday, up 5.75 per cent from the previous close of Rs 1,645.65.