Business Standard
Shriya Bubna & Anita Bhoir / Mumbai January 11, 2008
The country’s two largest banks, State Bank of India (SBI) and ICICI Bank, which had earlier expressed interest to launch full banking operations in Singapore, have now applied to the Monetary Authority of Singapore for a qualified full banking (QFB) licence. The regulator, meanwhile, is unlikely to insist on a government guarantee from SBI for granting it approval to launch full-fledged banking operations in the South-East Asian country.
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