Latest News Update About Icici Bank Singapore: Singapore Mercantile Exchange has announced that the Singapore branch of Indian Bank ICICI Bank has come on board as a Special Clearing Member (SCM) of the Exchange. It is the first time that an Indian bank’s branch in Singapore is clearing and settling futures contracts for an exchange based in Singapore. This is in addition to ICICI Bank’s previous appointment as Settlement bank for SMX.
Eng Keat Lee, International Director – Asia Pacific of the Singapore Economic Development Board, said “We are delighted that ICICI has chosen Singapore to be the first location for an Indian bank to clear and settle future contracts for an exchange outside India. This will enhance Singapore?s risk management infrastructure and further strengthen Singapore?s growing position as a regional and global trading hub for the commodities industry.”
Framroze Pochara, Executive Director of SMX and CEO of SMX Clearing Corporation., said: “The appointment of ICICI Bank as a Special Clearing Member of SMX is a significant move for both parties. ICICI Bank’s bold move to step out to be the first Indian clearing bank for an offshore exchange, speaks volumes about its ground-breaking position in the marketplace and SMX as a world-class exchange for derivatives trading during the Asian time zone.”
Chanda Kochhar, Managing Director & CEO, ICICI Bank Limited, said, “Becoming a Special Clearing Member for SMX is part of our strategy to scale up our operations in Singapore, following closely on the opening of our first retail branch here. Singapore is the region?s financial hub and the gateway to the Asia Pacific. We are happy to be building a relationship with Singapore?s flagship commodities and derivatives exchange.” w
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