ICICI Bank, India's second-largest lender, is expected to get approval to open branches in Singapore, according to an unconfirmed report. Singapore has given "in-principle clearance" to ICICI to operate as a qualified full bank (QFB), which will enable it to take deposits and give loans in the city-state.
This will make it the second Indian financial firm to get such an approval after State Bank of India, The Economic Times reported without quoting any sources.
"It is true that we have applied for QFB status in Singapore and the application is under process," a spokesman for ICICI told Reuters from Mumbai. "We will not be able to make any comment beyond that."
ICICI currently offers corporate banking and services to non-resident Indians in Singapore.
The paper said the approval to operate as a bank in Singapore would help expand ICICI's overseas operations after it got similar approvals in Britain and Canada.
ICICI needs to complete some formalities prescribed by the Monetary Authority of Singapore and is expected to start operations in a few months, the newspaper said.