SINGAPORE-PRESS-Singapore grants full licences to two Chinese banks-The Straits Times

SINGAPORE, Oct 10 (Reuters) - The Monetary Authority ofSingapore has granted full banking licences to two Chinesebanks, the Bank of China and the Industrial andCommercial Bank of China , the Straits Timesreported.

One of the two will act as a clearing bank for yuantransactions, but both will be allowed to open as many as 25branches in Singapore and offer services that include acceptingretail deposits in Singapore, the report said.


Note: Reuters has not verified this story and does not vouchfor its accuracy.

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