New Delhi, Dec 8: After receiving an in-principle approval from Singapore as a qualified full bank (QFB), ICICI bank is all set to enter Singapore and operate as a local bank in the island nation.
"Singapore has given an in-principle approval to ICICI Bank as a qualified full bank (QFB) status. The Singapore Prime Minister has written to Prime Minister Manmohan Singh regarding this," a senior Commerce Ministry official has been quoted as saying in reports.
With this approval, the bank can set up about 25 branches in the city state, the official said. However, some more formalities need to be completed before this could happen.
The QFB status gives ICICI the go ahead to establish branches, ATMs, take deposits, give loans and function just like any other local bank.
ICICI which is India's largest private sector lender is the second to get the QFB status.
In Oct 2008, State Bank became the first Indian bank to get this status.