Standard Chartered Bank has snatched a coveted Singapore banking licence from under the nose of rival HSBC, enabling it to expand its operations in the city-state.
The Monetary Authority of Singapore (MAS) has granted qualifying full bank licences to Standard Chartered, ABN Amro, Banque Nationale de Paris and Citibank.
They will be able to open additional branches, operate off-premises automated teller machines and also share ATMs.
Initial front-runners HSBC and Malayan Banking will now have to wait until January 2001 when the Singapore authorities will consider issuing a further two licences.
'We are absolutely delighted and it is a strong endorsement of our position in Singapore,' Paul Dowling, Standard Chartered's head of external affairs, Southeast Asia, said.
He said Standard Chartered and HSBC had previously been 'in the same boat', but now his bank could begin to strengthen its network in Singapore.
'We won't waste any time,' he said.