HDFC opens first branch in Singapore to expand financial services

Private lender HDFC Bank has inaugurated its first branch in Singapore to provide banking services. "HDFC Bank has been granted a wholesale banking license by the Monetary Authority of Singapore (MAS) effective 15th October 2024.

This allows the Bank to offer a wide range of financial products and services to residents of Singapore," the lender said in a statement.

HDFC Bank will continue to provide loan-related administrative services to NRIs in Singapore through its new branch for availing housing loans and purchasing properties in India.

The branch was inaugurated by Rakesh Singh, Group Head—International Banking, Investment Banking, Private Banking, Digital Ecosystems and BaaS, HDFC Bank, in the presence of Mr. Gaurav Khandelwal, CEO, HDFC Bank, Singapore, and other senior management personnel from the Bank.

“A presence in a major international financial centre like Singapore will help us meet the banking requirements of our valued customers in the region which include MNCs, portfolio investors, wealth customers and trade partners of our Indian clients,” Singh said.

HDFC Bank's international operations now comprises of five branches, with one each in Hong Kong, Bahrain, Dubai, Singapore and an IFSC Banking Unit (IBU) in Gujarat International Finance Tech City. The lender also has representative offices in Kenya, Abu Dhabi, Dubai and London.