Singapore legislation
Section 55B
Section 55B
Conditions for transfer of business
(1)
A transferor may voluntarily transfer the whole or any part of its business (including its non-banking business) to a transferee which is licensed to carry on banking business in Singapore, if —
where the transferor is a bank incorporated in Singapore, the Minister has consented to the transfer or has certified that the Minister’s consent is not required;
where the transferor is a bank incorporated outside Singapore, the business to be transferred is reflected in the books of the transferor in Singapore in relation to its operations in Singapore;
the transfer involves the whole or part of the banking business of the transferor; and
the Court has approved the transfer.
(1A)
A transferor must transfer the whole or any part of its banking business in Singapore to a company incorporated by the bank or its parent bank under the Companies Act 1967 for the purpose of carrying on that business or that part of the business, if —
it is directed by the Authority under section 55BA to do so; and
the Court has approved the transfer.
(2)
Subsections (1) and (1A) do not affect the right of a bank to transfer the whole or any part of its business under any law.
(3)
The Minister may consent to a transfer under subsection (1)(a) if —
the Authority is satisfied that —
the transferee is a fit and proper person; and
the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act; and
the Minister is satisfied that it is in the national interest to do so.
(4)
The Minister or the Authority may at any time appoint one or more persons to perform an independent assessment of, and provide a report on, the proposed transfer of a transferor’s business (or any part thereof) under this Division, whether the transferor is a bank incorporated in or outside Singapore.
(5)
The remuneration and expenses of any person appointed under subsection (4) must be paid by the transferor and the transferee jointly and severally.
(6)
The Authority must serve a copy of any report provided under subsection (4) on the transferor and the transferee.