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FRANKFURT, March 13 (Reuters) - The financing arm of Germany's Siemens has received approval to operate as a merchant bank in Singapore, from where it plans to offer project and structured finance lending for businesses and governments in Asia and Australia.
Siemens said on Monday it would be the first industrial company to support its growth strategy in the region with a local bank branch in Singapore.
It financed projects with assets totalling 26 billion euros ($28 billion) in fiscal 2016, including more than 3 billion euros in Asia and Australia. ($1 = 0.9367 euros) (Reporting by Georgina Prodhan; Editing by Edward Taylor)