78. Consequential amendments to Banking Act

The Banking Act (Cap. 19) is amended —

by deleting the definition of “financial holding company” in section 2(1) and substituting the following definition:“ “financial holding company” means a company designated by the Authority under section 4 of the Financial Holding Companies Act 2013;”;

by deleting the definition of “designated financial institution” in section 15(2);

by deleting the words “designated financial institution” wherever they appear in sections 15A, 15B, 15C, 15E, 16, 17 and 18 and substituting in each case the words “bank incorporated in Singapore”; and

by deleting the words “designated financial institutions” in the section headings of sections 15A, 15B and 15E and substituting in each case the words “banks incorporated in Singapore”.