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Maybank gets nod to incorporate Singapore community financial services business

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.