Swiss bank BSI says Singapore branch operating normally
ZURICH May 25 (Reuters) - Swiss bank BSI's Singapore branch is operating normally, it said on Wednesday, a day after the Monetary Authority of Singapore (MAS) said it would withdraw its status as a merchant bank in Singapore, and directed it to shut down for serious breaches of anti-money laundering requirements and other lapses.
"The decision by MAS to withdraw the Bank's status as a merchant bank will take place only at a future time given that MAS 'will allow the transfer of the Singapore's subsidiary's assets and liabilities to the Singapore branch of EFG or the parent entity, BSI SA,'" Lugano-based BSI said in a statement
(Reporting by Joshua Franklin; editing by Brenna Hughes Neghaiwi)
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