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India’s HDFC Bank applies for Singapore licence



HDFC Bank Ltd, India’s largest private sector bank, is looking to expand its international footprint by opening its first branch in Singapore. This move follows its notable merger with Housing Development Finance Corp. last year. The bank has submitted an application for a banking licence to the Monetary Authority of Singapore and is currently awaiting approval, though the type of licence sought remains undisclosed. The expansion aims to cater to the Indian diaspora in Singapore, estimated at about 650,000 people, by offering savings, term deposits, and mortgages. Domestically, HDFC Bank has been focusing on retail customer loans in India. HDFC Bank’s current international presence includes London, Hong Kong and Bahrain, with a customer base of 93 million as of the last quarter.

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