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

SINGAPORE, Oct 10 (Reuters) - The Monetary Authority of Singapore has granted full banking licences to two Chinese banks, the Bank of China and the Industrial and Commercial Bank of China , the Straits Times reported.

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

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

((Singapore newsroom, +65 6403 5666)(charmian.kok@thomsonreuters.com))

Keywords: SINGAPORE PRESS/