Singapore legislation
Clause 11
of Banking Bill
Clause 11
Foreign government owned banks
No bank shall be granted or shall hold a licence if the Commissioner is satisfied that fifty per centum or more of its capital issued and paid up is owned by or on behalf of the government of any country other than Singapore or of an agency of such government, or that all or a majority of the persons having the direction, control or management of the bank are appointed by or on behalf of such government or agency:Provided that the Minister may, in his absolute discretion, grant a licence to any such bank for such period or periods not exceeding one year at any one time as he may think fit.