HSBC Bank is to expand its retail banking operations in Singapore after receiving a 'Qualifying Full Bank' licence from the Monetary Authority of Singapore, effective 1 January 2002.
The bank says its first priority will be to offer customers in Singapore easier access to their bank accounts, through expanding access to cash machines and introducing debit cards. As well as having identified a number of potential sites for new ATMs, HSBC says it will also be exploring the possibility of establishing a shared ATM network with other QFB banks. HSBC also has plans to become a Central Provident Fund agent bank.
Eric Gill, general manager and CEO for HSBC in Singapore, says: "In a nutshell, with QFB status, we are in a better position to grow what is already a strong franchise for HSBC in Singapore."
HSBC has been operating in Singapore for nearly 125 years. The bank currently has 11 branches and offers a range of corporate and personal banking services.