India's largest private-sector lender by assets is reportedly seeking a banking license in Singapore.
HDFC Bank is seeking a license to open its first branch in Singapore, according to a «Bloomberg» report citing unnamed sources. When contacted by the news outlet, a spokesperson for the Monetary Authority of Singapore said that the regulator does not comment on dealings with financial institutions.
The bank is planning to target the Indian diaspora through various offerings including savings, term deposits, mortgages and more. According to government data, Singapore is home to approximately 650,000 non-resident Indians and persons of Indian origin.
Headquartered in Mumbai, HDFC Bank is the largest lender in India’s private sector. As of the end of December, it had a had a customer base totalling 93 million.
