BEIJING, Oct. 8 (Xinhua) -- Singapore has granted full banking licenses to two Chinese banks, allowing them to have greater access to the Singapore market.
After getting the qualified full bank (QFB) status, the Bank of China and Industrial and Commercial Bank of China (ICBC) can open as many as 25 branches and offer services, including accepting retail deposits in Singapore, the two banks told Xinhua Monday.
The move is part of an agreement, made in July, to enhance banking services cooperation under the existing China-Singapore Free Trade Agreement. Full story
