Malayan Banking Bhd., or Maybank, obtained approval from the Monetary Authority of Singapore to incorporate its community financial services business in Singapore.
MAS issued a license with qualifying full bank privileges to Maybank Singapore Ltd., Maybank's wholly-owned subsidiary, according to an Oct. 4 release. The unit was set up in February.
Subject to judicial approval, Maybank's community financial services business in the city-state will be moved through a scheme of transfer to Maybank Singapore, effective Nov. 5.
These services comprise retail, private wealth, small- and medium-sized enterprises banking, and commercial banking. Maybank will continue to conduct its corporate and institutional business separately through its global banking arm.
After the transfer, Maybank Singapore will operate as a Maybank group unit with Asian currency unit capabilities in Singapore.