HDFC Bank, a leading private lender in India, has launched its first branch in Singapore to provide banking services in the region. On October 15, 2024, the Monetary Authority of Singapore (MAS) granted the bank a wholesale banking license, enabling it to offer a wide range of financial products and services to residents of Singapore.
This new branch aims to assist Non-Resident Indians (NRIs) living in Singapore by providing loan-related services for housing loans and property purchases in India.
The inauguration ceremony was led by Rakesh Singh, Group Head of International Banking, Investment Banking, Private Banking, Digital Ecosystems, and Banking as a Service (BaaS) at HDFC Bank. He was joined by Gaurav Khandelwal, CEO of HDFC Bank in Singapore, along with other senior bank executives.
Rakesh Singh stated that establishing a presence in a major global financial hub like Singapore will help HDFC Bank better serve its valued customers in the area. These include multinational corporations, portfolio investors, wealth management clients, and trade partners of Indian clients.
With the opening of this branch, HDFC Bank now operates five international branches located in Hong Kong, Bahrain, Dubai, and Singapore, along with an IFSC Banking Unit in Gujarat International Finance Tech City. The bank also maintains representative offices in Kenya, Abu Dhabi, Dubai, and London. As of March 31, 2024, HDFC Bank’s international business had a total balance sheet size of $9.06 billion.
A Brief History of HDFC Bank
The Housing Development Finance Corporation Limited (HDFC Ltd) was one of the first financial institutions in India to receive “in-principle” approval from the Reserve Bank of India (RBI) to establish a private sector bank. This initiative was part of the RBI’s 1994 policy aimed at liberalizing the Indian banking industry.
HDFC Bank was incorporated in August 1994 as HDFC Bank Limited, with its registered office in Mumbai. The bank began its operations as a Scheduled Commercial Bank in January 1995.
On April 4, 2022, the merger between HDFC Ltd, India’s largest housing finance company, and HDFC Bank, the largest private sector bank, was announced. Over the past 45 years, HDFC Ltd has built a robust product portfolio, solidifying its position as a leader in housing finance. HDFC Bank enhances the delivery of home loans as part of its extensive range of products that cater to urban, semi-urban, and rural India.
As of August 31, 2024, HDFC Bank’s distribution network includes 8,919 branches and 21,031 ATMs and cash recycler machines across 3,836 cities and towns. The bank’s international operations consist of branches in Hong Kong, Bahrain, and Dubai, as well as an IFSC Banking Unit in Gujarat International Finance Tech City. Additionally, it has five representative offices in Kenya, Abu Dhabi, Dubai, London, and Singapore. The Singapore and London offices were previously representative offices of HDFC Ltd and transitioned to become part of HDFC Bank following the merger. These offices primarily provide loan-related services for obtaining housing loans and purchasing properties in India.
