ICICI to obtain Singapore’s nod for full operation

ICICI eyes to operate in Singapore after getting clearance to operate in Britain and Canada.

ICICI Bank, India's No. 2 lender, is expected to get Singapore's approval soon to open branches, take deposits and give loans in the city state, the Economic Times reported on Monday.

Singapore has given an "in-principle clearance" to ICICI to operate as a qualified full bank (QFB), which will make it the second Indian financial firm to get such an approval after State Bank of India, it said without quoting any sources, as reported in Money Control.

"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.

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