3.—(1) The Minister hereby exempts a specified person —| (a) | from section 15A(1) of the Act, where the specified person is a substantial shareholder of Citibank Singapore Limited; and | | (b) | 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. |
[S 498/2005 wef 01/08/2005] [S 723/2015 wef 24/11/2015] [S 716/2016 wef 03/01/2017] [S 709/2018 wef 01/10/2018] (2) The Minister hereby exempts Citigroup Holding (Singapore) Private Limited —| (a) | from section 15A(1) of the Act, where Citigroup Holding (Singapore) Private Limited is a substantial shareholder of Citibank Singapore Limited; and | | (b) | 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: |
| (i) | Citigroup Holding (Singapore) Private Limited must remain a wholly owned subsidiary of Citigroup, Inc.; [S 486/2022 wef 24/06/2022] | | (ii) | Citibank Singapore Limited shall remain a wholly owned subsidiary of Citigroup Holding (Singapore) Private Limited; and | | (iii) | 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. |
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| (3) [Deleted by S 723/2015 wef 24/11/2015] |
(4) The Minister hereby exempts any shareholder of Citigroup, Inc. —| (a) | 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 | | (b) | 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. |
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