MAS grants full licences to Bank of China, ICBC
One of the two will serve as a clearing bank for yuan transactions
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With QFB privileges, the Bank of China and ICBC can open up to 25 branches here and offer services that include accepting retail deposits. -- ST FILE PHOTO
Singapore has granted full banking licences to two Chinese banks, the Monetary Authority of Singapore confirmed on Tuesday.
The two are the Bank of China and the Industrial and Commercial Bank of China (ICBC) - both among China's top four lenders.
One of the two will act as a clearing bank for yuan transactions, though it is not yet known which one will be appointed.
The Singapore branches of the pair "have commenced operations as full banks with Qualifying Full Bank (QFB) privileges", an MAS spokesman said yesterday.
