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

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.

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;[Deleted by S 716/2016 wef 03/01/2017]“wholly owned subsidiary” has the same meaning as in section 5B of the Companies Act.

“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;

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

The Minister hereby exempts a specified person —

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

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 1 October 2018.

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

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

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:

Citigroup Holding (Singapore) Private Limited must remain a wholly owned subsidiary of Citigroup, Inc.;

Citibank Singapore Limited shall remain a wholly owned subsidiary of Citigroup Holding (Singapore) Private Limited; and

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.

[Deleted by S 723/2015 wef 24/11/2015]

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

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

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.

The Minister hereby exempts a specified person —

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

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 1 October 2018.

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

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

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:

Citigroup Holding (Singapore) Private Limited must remain a wholly owned subsidiary of Citigroup, Inc.;

Citibank Singapore Limited shall remain a wholly owned subsidiary of Citigroup Holding (Singapore) Private Limited; and

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.

[Deleted by S 723/2015 wef 24/11/2015]

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

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

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.