Banking Act 1970 · 2020 Revised Edition · Part 7B · Merchant Banks
55ZJ. Application of other provisions in Part 7
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Subject to section 55R and the modifications mentioned in subsection (2), the provisions in Part 7 (except sections 41, 45(7) and 47) apply to or in relation to a merchant bank in Singapore as they apply to or in relation to a bank in Singapore.
merchant bank in Singapore
“merchant bank in Singapore” means —(a)a merchant bank incorporated in Singapore; or(b)in the case of a merchant bank incorporated outside Singapore, the branches and offices of the merchant bank located in Singapore;
The modifications mentioned in subsection (1) are a reference in section 45 to a parent bank is to a financial institution incorporated, formed or established outside Singapore of which a foreign‑owned merchant bank incorporated in Singapore or merchant bank incorporated outside Singapore (as the case may be) is a subsidiary.
parent bank
“parent bank”, in relation to a bank or merchant bank, means a financial institution which is able to exercise a significant influence over the direction and management of the bank or merchant bank (as the case may be) or which has a controlling interest in the bank or merchant bank (as the case may be);