The Singapore’s banking system includes more than 100 commercial banks, 28 merchant banks as well as representative offices of foreign banks. Singapore is well recognized as an international financial center and important wealth management and insurance hub in Asia. The three largest Singaporean lenders (DBS, OCBC and UOB) hold total assets of over $1 trillion and employ around 80,000 staff. Below is a list of the largest and best banks in Singapore.
DBS Bank (formerly Developmental Bank of Singapore) is the largest bank in Singapore and South East Asia in terms of total assets. With about 10 million consumer, wealth management and institutional customers, it operates across 18 markets with more than 280 branches, 1,200 ATMs and 26,000 employees. DBS is a universal bank offering retail, corporate and SME banking as well as asset management services. It was named Bank of the Year and Best Private Bank for Innovation by The Banker; World’s Best Digital Bank and World’s Best Bank for SMEs by Euromoney as well as Safest Bank in Asia and Best Bank in the World by Global Finance. In 2018, DBS’s net profit, income and total assets reached US$4.1 billion, US$9.7 billion and US$403 billion, respectively. At December 30, 2019, DBS Group had a market capitalization of US$49 billion.
Founded in 1932, OCBC Bank (Oversea-Chinese Banking Corp Ltd) is the second-largest bank in Singapore by assets, deposits and loans and the largest by number of employees. With over 29,000 staff, it provides a broad array of financial services to more than 5 million banking clients and 4 million insurance policy holders. It offers retail, corporate, investment and private banking, transaction banking, treasury and stock broking services, insurance products, wealth management and more. OCBC operates in 18 markets through over 600 branches and representative offices including full service branches in Sydney (Australia) and London (the UK), and agencies in Los Angeles and New York (USA). It is rated AA-, Aa1 and AA- by Fitch, Moody's and Standard Poor's, respectively.
United Overseas Bank
United Overseas Bank (UOB) is the third-largest bank in Singapore by assets and deposits. With approximately 26,000 employees and 5 million clients, it has 58 branches and 766 ATMs in Singapore as well as 467 branches and 1,668 ATMs in Asia, Europe and North America including Australia, Hong Kong, Brunei, Malaysia, the UK, Canada, USA, China, France, Thailand, India, Japan, Myanmar, Philippines, South Korea and Taiwan, among others. The company’s headquarters is located at located at 80 Raffles Place. As of March 31, 2019, UOB posted US$295 billion in total assets, US$227 billion in deposits and US$233 billion in net loans.
Maybank Singapore Limited is one of the systemically important banks in the country. The first branch was opened in 1960 and currently the Bank has over 25 service locations and employs more than 1,800 people. It offers quality products and services including retail and commercial banking, SME banking, private banking and wealth management. The company operates as a subsidiary of Malaysian Maybank, one of the leading financial services groups in Asia, with branches in over 20 countries.
Standard Chartered Bank (Singapore) Limited (SCBSL) is the largest foreign bank in the country. It was among the first international banks to receive a Qualifying Full Bank licence in Singapore. The company provides personal and priority banking, commercial and corporate banking, and private banking services. It offers bank accounts and deposits, credit cards, personal and auto loans, mortgages, investments, commercial and industrial property loans, insurance products, cash management, business loans and government schemes, international trade, FX solutions and other services. SCBSL employs approximately 9,000 staff and operates through 16 branches, 5 priority banking centers and 30 automated teller machines.
Citibank Singapore Ltd, one of the top 10 banks in Singapore, is a subsidiary of Citigroup Inc. In 1902, Citi became the first American bank to establish branch in Singapore. Since January 2005, it has been licensed as a qualified full licence bank by the Monetary Authority of Singapore. Today the company employs over 9,200 people (the largest foreign banking employer in the country) and operates more than 1,500 consumer touchpoints. The Bank offers local and foreign currency accounts, time deposits, cash management, trade solutions, treasury products, personal loans, commercial real estate and unsecured business loans, credit cards, mortgages, wealth management as well as accident and health insurance, life and travel insurance, credit insurance and online banking.
HSBC Bank (Singapore) Limited, established in 1877, is the oldest bank in the country. It operates as a wholly-owned subsidiary of British giant HSBC Holdings plc. It offers consumer and commercial banking, private and investment banking, wealth management, trustee and capital markets services as well as travel and car insurance, personal accident insurance, international health insurance, home content insurance and more. HSBC Singapore is the third largest foreign bank in the country, with consolidated assets of US$16.3 billion as of September 30, 2018. It operates through 12 branches and approximately 30 ATMs.
State Bank of India, Singapore Co. (or SBI Singapore), founded in 1977, provides a broad array of retail and corporate products and services including current and savings accounts, fixed deposits, foreign currency deposits, investments, home and personal loans, bridging loans, credit cards, secured overdraft, commercial property loans, student loans, premium financing, trading lines of credit, asset financing, credit origination and syndication facilities, escrow services, corporate and global remittances, insurance, trade finance and internet banking.
Bank of China
Bank of China Ltd, Singapore Branch is one of the largest foreign banks in Singapore. It offers RMB services, deposit products, trade finance, corporate and personal loans, credit/debit cards, foreign exchange, remittance, treasury and financial institutions services, wealth management, private banking, banker's guarantee, insurance, unit trusts, online and mobile banking, safe deposit boxes, and more. BOC Singapore Branch was established at Cecil Street in 1936 and received Qualifying Full Bank licence in 2012. Today it operates through 13 branches and 23 ATMs plus atm5 locations. Atm5 is a shared network among Qualifying Full Banks, namely Bank of China, Citibank, HSBC, Maybank, Standard Chartered and State Bank of India.
RHB Bank Berhad Singapore (RHBS), founded in 1961, is a fully-licensed bank serving individuals and corporations through five main business areas: Commercial Banking, Wealth Management and Personal Financial Services, Corporate Banking, Treasury and Investment Banking. It offers deposits products, loans, credit cards, Islamic banking, insurance, foreign exchange, online banking and much more. RHBS operates seven branches and 12 currency exchange counters. The company is a subsidiary of Malaysian RHB Bank, the fourth largest financial services provider in Malaysia.
A British Barclays Bank plc sold its wealth and investment management businesses in Singapore and Hong Kong to Bank of Singapore, a private banking division of Oversea-Chinese Banking Corp (OCBC).
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Updated as of December 30, 2019