(Reuters) - Singapore said on Thursday that foreign banks with a relatively large share of deposits in the city-state will be required to locally incorporate their retail operations, forcing them to commit capital here.
The new rules will apply to foreign banks that are important to the domestic market and which operate under Singapore's so-called Qualifying Full Bank (QFBs) licence, Deputy Prime Minister Tharman Shanmugaratnam said in a speech to bankers attending an industry dinner. Full story
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