Maybank is prepared to locally incorporate its retail operations in Singapore according to the city state’s government requirement.
Maybank is still waiting for more clarity on the new rules announced by Deputy Prime Minister Tharman Shanmugaratnam on Thursday in a speech to bankers attending an industry dinner, according to Maybank CEO Abdul Wahid Omar.
Shanmugaratnam said foreign banks with a large share of deposits in the city-state will be required to locally incorporate their retail operations, a move that will force lenders like Maybank to commit capital there.
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