The agreement that has been signed will allow two eligible Chinese banks currently operating in Singapore to take up Qualifying Full Bank
The Goh Government this month granted qualifying full bank
(QFB) privileges to four foreign banks: ABN Amro, Banque Nationale de Paris (BNP), Citibank and Standard Chartered Bank.
Singapore's central bank said the new Qualifying Full Bank
(QFB) licences would allow foreign banks to open more branches, relocate existing ones, set up automated teller machines (ATMs) off premises and engage in ATM sharing.