REGIONS BANK SWISS NUMBER UPGRADE
Qualifying offshore banks (QOBs) were given priority to upgrade themselves to wholesale banking status. QFBs were given more privileges (permission to establish more locations, provide debt and special account services). The second phase of liberalisation began in June 2001 during which the restricted banks were re-classified as wholesale banks to improve competitiveness in retail banking. Furthermore, the 40 percent foreign shareholding limit in local banks was lifted.
MAS also set out to improve corporate governance practices.
REGIONS BANK SWISS NUMBER FULL
The measures included issuing a new category of full banking licenses known as Qualifying Full Bank (QFB) licenses to foreign banks, increasing the number of restricted banks, and giving offshore banks greater flexibility in Singapore Dollar wholesale business.
In May 1999, MAS launched a five-year liberalisation package to strengthen the banking system and to improve Singapore’s reputation as an international financial centre. Singapore’s Banking Industry Trends Liberalisation of banking sector This guide provides an overview of the banking industry in Singapore focusing on the key trends, the major domestic and international players and the services they offer, the role of the Monetary Authority of Singapore (MAS) and banking regulations that govern the industry today.
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