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Banks in Singapore

Article bySayantan Mukhopadhyay
Reviewed byDheeraj Vaidya, CFA, FRM

Overview of Banks in Singapore

Singapore’s market is one of the best places for many banks to create their mark and to expand their horizon. Here are the reasons which helped them succeed –

  • The Government’s support and policies are the most significant reasons for which many foreign banks have built their branches in Singapore.
  • It is a great strategic location which allows the banks to connect to all over the world easily.
  • The high standard of living in Singapore has created a great market for banks to utilize.

That’s why Singapore is called a “banking hub”. And in the year 2013, the total assets of the banking sector in Singapore amounted to around US $2 trillion.

Table of contents

Structure of Banks in Singapore

There are over 150 Top banks. If we want to categorize, we can divide the banking system into two categories –

  • Local Banks: There are only 6 local banks. The top 3 local banks are Development Bank of Singapore, Overseas Chinese Banking Corporation, and United Overseas Bank.
  • Foreign Banks: There are around 150+ foreign banks. And they can be sub-divided into different categories.
  • Full banks: There are around 27 full banks. ABN Amro, BNP Paribas, HSBC are most significant among these.
  • Wholesale banks: There are around 53 wholesale banks. Barclays Bank, ING Bank, and National Australia Bank are noteworthy.
  • Offshore banks: Around 37 banks are offshore banks. Korea Development Bank, Bank of Taiwan, etc. are mentionable.
  • Merchant banks: There are around 42 merchant banksMerchant BanksMerchant Bank is a company that provides services like fundraising activities like IPOs, FPOs, loans, underwriting. They only deal with companies and businesses.read more in Singapore. Axis Bank, Credit Suisse Singapore Ltd., etc. are mentionable.
  • Digital Banking: Singapore’s digital banking landscape boasts a vibrant fintech ecosystem, offering cutting-edge solutions, seamless mobile banking, and regulatory support for innovation. It is experiencing rapid growth and transformation. The Monetary Authority of Singapore (MAS) had issued digital banking licenses to various fintech firms and consortiums, paving the way for neobanks and digital-only players to enter the market. Established banks are also investing heavily in digital services, offering innovative mobile apps and online platforms. The city-state’s tech-savvy population and supportive regulatory environment contributes to the dynamic expansion of digital banking services, fostering increased competition and customer-centric financial solutions.

List of Top 11 Banks in Singapore

  1. Revolut
  2. DBS Group
  3. Overseas Chinese Banking Corporation
  4. United Overseas Bank
  5. Bank of Singapore
  6. Citibank Singapore
  7. CIC Singapore
  8. HSBC Singapore
  9. Maybank Singapore
  10. Standard Chartered Bank
  11. RHB Bank

Let’s look at each one of them in detail (source: relbanks.com) –

Banks in Singapore

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#1. Revolut:

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#2. DBS Group:

In terms of total assets acquired, this bank tops the list. Also one of the biggest financial corporations in Asia. The total assets acquired by this bank at the end of June 2017 were S$ 486.699 billion. At the end of March 2017, the net profit was S$1.2 billion. It serves around 4.6 million customers. Around 22,000 people work here. The head-quarter of this bank is situated in Marina Bay Financial Centre.

#3. Overseas Chinese Banking Corporation:

OCBC is the second top bank in terms of total assets acquired. The total assets acquired by this bank at the end of June 2017 were S$ 429.601 billion. At the end of March 2017, the customers’ loans were S$221.5 billion. It was established in the year 1932. It has a presence in over 18 countries and it has a total of 600 branches all across the world. Around 30,000 people work here. The head-quarter of this bank is situated in Chulia Street.

#4. United Overseas Bank:

UOB is the third top bank in terms of total assets acquired. The total assets acquired by this bank at the end of June 2017 were S$ 344.414 billion. At the end of March 2017, the net profit was S$807 million. It was founded in the year 1935. It has a presence in over 19 countries and it has a total of 500 branches all across the world. Around 25,000 people work here. The head-quarter of this bank is situated in Raffles Pl.

#5. Bank of Singapore:

Bank of Singapore is the subsidiary of OCBC; but as a subsidiary, it’s still huge. The total assets acquired by the bank are $115.94 billion at the end of April 2017. It was named as the best private bank from 2011 to 2016 by Global Finance and by Asian Private Banker. The head-quarter of this bank is located in Market Street. Bank of Singapore has many branches in Hong Kong, Manila, London, and Dubai.

#6. Citibank Singapore:

This is the first American bank in Singapore. It was established in the year 1902, around 115 years ago. This bank is one of the largest employers in Singapore – it has employed over 10,000 employees. It has over 1500 customer touch-points and over 20 branches in Singapore. It also has many business units – Citi Commercial Bank, Citi Global Consumer Banking, etc. It provides a wide range of services like personal loans, time depositsTime DepositsTime deposit, also known as term deposit, refers to the deposit account with fixed maturity and interest rate.read more, health insurance, travel insurance, etc. Its head-quarter is situated in Temasek Avenue.

#7. CIC Singapore:

CIC is one of the wholly-owned entities of Credit Mutuel Group. It was established in the year 1984 and it is considered as the head-quarter of Asia Pacific. Its head-quarter is situated in Marina Bay Financial Centre. It offers a wide range of financial products and services like treasury, corporate finance, structured financeStructured FinanceStructured finance refers to the design and provision of financial products and services to satisfy complex financial requirements.read more, private bankingPrivate BankingPrivate banking refers to a type of banking and financial service offered by certain banks only to high-net-worth individuals (HNWIs). Clients opting for this service are individually assigned a financial representative who personally takes care of their banking needs.read more, etc. Their main focus is on SME banking services and they also offer the most comprehensive wealth management solutions to the customers of Singapore.

#8. HSBC Singapore:

HSBC Singapore is one of the oldest top banks. It was established in the year 1877, around 140 years ago. It has employed around 3000 people. It has over 10 plus branches across Singapore and it also has 40 ATMs in the country. The head-quarter is situated in Collyer Quay. HSBC Bank offers a full gamut of personal and commercial banking products (including insurance) to the customers.

#9. Maybank Singapore:

Maybank Singapore was a relatively older bank; it was founded in the year 1960, around 57 years ago. It has employed over 1800 employees and they offer a whole gamut of services like current and savings accounts, Islamic deposits, lending products, investments, etc. to the customers of Singapore. It offers services in 27 locations in Singapore. It has ranked as the top 5 banks in ASEAN and is a Qualifying Full Bank (QFB) in Singapore.

#10. Standard Chartered Bank (Singapore):

Standard Chartered Singapore is the subsidiary of Standard Chartered PLC. It was established in Singapore almost 150 years ago. It has over 18 branches all across the country and it also has 30 ATMs. It also has 5 priority banking centres. Currently, it has total assets of S$ 33 billion and customer loans of S$ 23 billion. Its head-quarter is situated in Marina Bay Financial Centre. In October 1999, it got the license of Qualifying Full Bank (QFB) in Singapore.

#11. RHB Bank (Singapore):

It was founded in the year 1961, around 56 years ago. At that time, its name was United Malayan Banking Corporation Berhad (UMBC). This is a universal bankUniversal BankUniversal banking, in contrast to traditional banking institutions, offers a wider range of banking and financial services, including insurance, development banking, investment banking, commercial banking, and other financial services.read more and it has a presence in 7 locations in Singapore. Its primary focus is on maximum customer satisfaction. That’s why it is the only bank in Singapore and also in Malaysia to win the most prestigious “Best Customer Experience Management of the Year Award” in banking service. The award is given by APCSC Hong Kong.

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