HDFC Bank Launches First Branch in Singapore with Wholesale Banking License
| Summary/Static | Details |
|---|---|
| Why in the news? | HDFC Bank has officially opened its first branch in Singapore as part of its strategy to expand its international operations. |
| License | Wholesale Banking License granted by the Monetary Authority of Singapore (MAS), effective October 15, 2024 |
| Key Services | Corporate banking, investment banking, wealth management, and NRI housing loan facilitation for Indian properties |
| Target Clients | Multinational corporations (MNCs), portfolio investors, wealthy clients, trade partners |
| Inauguration Event | Branch inaugurated by Rakesh Singh, Group Head of International Banking, in the presence of Gaurav Khandelwal, CEO of HDFC Bank Singapore, and senior management officials |
| International Presence | Five branches: Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in GIFT City, Gujarat. Representative offices in Kenya, Abu Dhabi, Dubai, and London |
| International Balance Sheet | $9.06 billion as of March 31, 2024 |