Clause 18

by deleting the words “licensed bank” in the 1st line of subsection (1) and substituting the words “bank in Singapore”;

by inserting, immediately after “50%” in subsection (1)(b)(ii), the words “or more”;

by deleting the words “licensed bank whose head office is situated outside Singapore” in subsection (2) and substituting the words “bank incorporated outside Singapore”; and

by inserting, immediately after subsection (3), the following subsection:“(4) In this section, any reference to “paid-up capital” in relation to a bank incorporated outside Singapore shall include its equivalent recognised by the Authority as applicable to the bank under the laws of the country or territory in which the bank is incorporated, formed or established.”.