BEIJING -- Singapore has granted full banking licenses to two Chinese banks, allowing them to have greater access to the Singapore market.
After getting the qualified full bank, or QFB, status, the Bank of China and Industrial and Commercial Bank of China can open as many as 25 branches and offer services, including accepting retail deposits in Singapore, the two banks told Xinhua Monday.
Related reading: China's major lenders broaden horizons
The move is part of an agreement, made in July, to enhance banking services cooperation under the existing China-Singapore Free Trade Agreement.
According to the agreement, the China Banking Regulatory Commission will accelerate the process of applications made by Singapore banks for the establishment of branches in China.
Some 116 foreign banks operate in Singapore, and eight of them were previously registered as QFBs.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
