PTI
 
New Delhi, Sep 10: Realizing the strategic economic importance of Singapore, Indian banks are looking to expand their operations in the country.

Two leading domestic players -- ICICI Bank and State Bank of India have already sought "Qualified Full Bank" permission in the city-state.

Taking advantage of the Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore, SBI and ICICI Bank are interested in joining the league of six global majors currently operating as QFBs there.

Citibank NA, HSBC, BNP Paribas, ABN Amro, Standard Chartered and Malayan Banking Berhad are the six banks enjoying QFB status in Singapore.

Given QFB status, which allows them to raise retail deposits and operate 25 centres in Singapore.

An ICICI Bank official told PTI that it has submitted request for QFB status to Monetary Authority of Singapore (MAS) -- the regulatory authority of Singapore.

Currently, ICICI Bank operates as an offshore branch in Singapore which offers financing to Indian corporates and serve Indian Community in general.

A MAS spokesperson told from Singapore that the country would grant Wholesale Banking licenses and up to three qualifying Full Bank licenses to Indian banks that meet its admission criteria.

However, the agreement does not provide for automatic entry, he said, adding that as with all Financial Institutions seeking entry into Singapore, "applicants need to meet our prudential standards."