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BRANCH BANKING | Tony Chua, India

HDFC receives clearance to operate in Hong Kong

Lender also looking to offer basket of global investment products to customers across Southeast Asia.

India's largest private sector bank HDFC Bank has got approval from the Hong Kong Monetary Authority (HKMA) to commence banking operations in that country.

Apart from routine commercial banking, the bank is looking to offer a basket of international investment products to customers across South-East Asia. Confirming the development, a senior bank official said that the move would facilitate opportunities in trade, boost interest rate arbitrage and also enable them to offer unique facilities, like say, cash pick-up for both Hong Kong residents and NRI traders in Hong Kong.

View the full story in Economic Times.

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