Maybank to ring-fence Singapore retail, SME and commercial banking businesses
It gets MAS approval to locally incorporate its community financial services business here
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Singapore
MAYBANK on Thursday said that it has been granted approval from the Monetary Authority of Singapore (MAS) to locally incorporate its community financial services business in Singapore.
Maybank is deemed one of Singapore's seven banks that are effectively seen as "too big to fail" due to its retail presence here. Such "domestic systemically important banks" face additional supervisory measures, and must locally incorporate their retail operations, in a bid in a ring-fence local deposits.
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