Banking (Exemption from Restrictions on Deposit-Taking) (Consolidation) Notification

Status:

Revised Edition
published on 29 Feb 2004

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Banking Act

(CHAPTER 19, Section 4A(8))

Banking (Exemption from Restrictions on Deposit-taking) (Consolidation) Notification

N 6

G.N. No. S 583/2002

REVISED EDITION 2004

(29th February 2004)

1. This Notification may be cited as the Banking (Exemption from Restrictions on Deposit-Taking) (Consolidation) Notification.

2.—(1) The Authority hereby exempts —

(a)

SEB Private Bank S.A. from section 4A(1) of the Act in respect of any deposit accepted in Singapore on its behalf by Skandinaviska Enskilda Banken AB (publ) from any person in Singapore, in connection with the provision of private banking services in Singapore by Skandinaviska Enskilda Banken AB (publ) on behalf of SEB Private Bank S.A.;

(b)

Skandinaviska Enskilda Banken AB (publ) from section 4A(2) of the Act in respect of any offer or invitation —

(i)	to make any deposit; or
(ii)	to enter or offer to enter into any agreement to make any deposit,

with SEB Private Bank S.A., if the offer or invitation is made in connection with the provision of private banking services in Singapore by Skandinaviska Enskilda Banken AB (publ) on behalf of SEB Private Bank S.A.; and

[S 583/2002 — 20.11.2002]

(c)

Citibank N.A., Citibank Federal Savings Bank, Citibank Canada, Citibank Pty Limited and Citibank (West) FSB, from section 4A(1) of the Act in respect of any deposit accepted in Singapore on their behalf by the Singapore branch of Citibank N.A. from any person in Singapore, in connection with the banking service known as the Citibank Overseas Student Program.

[S 346/2003 — 21.7.2003]

(2) The exemption in sub-paragraph (1) is subject to such conditions as may, from time to time, be specified in writing by the Authority to those banks.

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