Banking (Exemption from Sections 15A and 15B) Order 2004

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No. S 788

Banking Act

(Chapter 19)

Banking (Exemption from Sections 15A and 15B) Order 2004

In exercise of the powers conferred by section 15D of the Banking Act, the Senior Minister, Prime Minister’s Office, hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Banking (Exemption from Sections 15A and 15B) Order 2004 and shall come into operation on 1st January 2005.

Definitions

2. In this Order, unless the context otherwise requires —

“immediate holding company” has the same meaning as in section 5(4) of the Companies Act (Cap. 50) read with section 5 (1) (a) thereof;

“specified person” means a person specified in the Schedule;

“subsidiary” has the same meaning as in section 5 of the Companies Act;

“wholly owned subsidiary” has the same meaning as in section 5B of the Companies Act.

Exemption

3.—(1) The Minister hereby exempts a specified person —

(a)	from section 15A(1) of the Act, where the specified person is a substantial shareholder of Citibank Singapore Limited; and
(b)	from section 15B(1) of the Act, where the specified person is a 20% controller of Citibank Singapore Limited,

subject to the condition that there shall not be any change in the interest or interests, in the voting shares in the specified person, held by the immediate holding company of the specified person as at 1st January 2005.

(2) The Minister hereby exempts Citigroup Holding (Singapore) Private Limited —

(a)	from section 15A(1) of the Act, where Citigroup Holding (Singapore) Private Limited is a substantial shareholder of Citibank Singapore Limited; and
(b)	from section 15B(1) of the Act, where Citigroup Holding (Singapore) Private Limited is a 20% controller of Citibank Singapore Limited,

subject to the following conditions:

(i)	there shall not be any change in the interest or interests, in the voting shares of Citigroup Holding (Singapore) Private Limited, held by the immediate holding company of Citigroup Holding (Singapore) Private Limited as at 1st January 2005;
(ii)	Citibank Singapore Limited shall remain a wholly owned subsidiary of Citigroup Holding (Singapore) Private Limited; and
(iii)	Citigroup Holding (Singapore) Private Limited shall provide to the Authority such information or documents as the Authority may require by notice in writing, within such time as may be specified in the notice.

(3) The Minister hereby exempts any body corporate which is or becomes a substantial shareholder of Citibank Singapore Limited from section 15A(1) of the Act —

(a)

by virtue of the operation of section 7(4A)(b) of the Companies Act (Cap. 50); and

(b)

by reason only that the body corporate is a subsidiary of another body corporate —

(i)	which is a substantial shareholder of Citibank Singapore Limited other than by virtue of section 7(4A) of the Companies Act (Cap. 50); or
(ii)	which is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares of a substantial shareholder of Citibank Singapore Limited, other than by virtue of section 7(4A) of the Companies Act.

(4) The Minister hereby exempts any shareholder of Citigroup, Inc. —

(a)	from section 15A(1) of the Act, where that shareholder, by virtue of its shareholdings in Citigroup, Inc., becomes a substantial shareholder of Citibank Singapore Limited; or
(b)	from section 15B(1) of the Act, where that shareholder, by virtue of its shareholdings in Citigroup, Inc., becomes a 12% controller, a 20% controller or an indirect controller, as the case may be, of Citibank Singapore Limited.

Made this 29th day of December 2004.

LIM SIONG GUAN

Permanent Secretary (Special Duties),
Prime Minister’s Office,
Singapore.

[FSG BK 0215; AG/LEG/SL/19/2003/1 Vol. 3]

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