Siemens gets go-ahead to operate as a merchant bank in Singapore

It's the first industrial company to do so.

According to Reuters, the financing arm of Germany's Siemens has received approval to operate as a merchant bank in Singapore, from where it plans to offer project and structured finance lending for businesses and governments in Asia and Australia.

Siemens said on Monday it would be the first industrial company to support its growth strategy in the region with a local bank branch in Singapore.

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