Singapore’s banking system comprises 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 known as 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. The six priority markets are Singapore, Hong Kong, Mainland China, Taiwan, India and Indonesia. DBS is a universal bank offering retail and corporate banking, 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 and income reached US$4.1 billion and US$9.7 billion, respectively. As of March 31, 2019, DBS Group reported US$411.9 billion in total assets, US$291.3 billion in deposits, US$288 billion in loans and US$35.4 billion in shareholders’ funds. The Bank has an AA- and Aa1 credit ratings. As at October 8, 2019, DBS Group had a market capitalization of US$46 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. It is rated AA-, Aa1 and AA- by Fitch, Moody's and Standard Poor's, respectively. As of March 31, 2019, the company had US$346 billion in total assets.
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 Limited, one of the top 10 banks in Singapore, is a subsidiary of US-based 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 insurance solutions, 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, one of the world’s leading banking groups with 39 million customers and about 3,900 offices worldwide. It provides a wide array of products and services such as 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 Limited Singapore Branch is one of the largest foreign banks in Singapore. It provides personal, corporate, online and mobile banking including RMB services, deposit products, trade finance, corporate and personal loans, credit/debit cards, treasury and foreign exchange products, remittance, financial institutions services, wealth management, private banking, safe deposit boxes, banker's guarantee, insurance, unit trust and other services. BOC Singapore Branch was established at Cecil Street in 1936 and received Qualifying Full Bank licence in 2012. In 1953, the company moved into a new building at 4 Battery Road. 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).
List of Foreign Banks in Singapore
Here is a list of foreign banks operating in Singapore.
ABN Amro Bank NV
Agricultural Bank of China
Arab Bank PLC (Singapore)
Banco Bilbao Vizcaya Argentaria, S.A.
Banco Santander S.A., Singapore Branch
Bangkok Bank Public Company
Bank J. Safra Sarasin, Singapore
Bank Julius Baer & Co
Bank of America, National Association
Bank of Baroda, Offshore Branch
Bank of China Ltd
Bank of Communications
Bank of East Asia Limited
Bank of India
Bank of Montreal, Singapore Branch
Bank of New York Mellon (Offshore Bank)
Bank of Nova Scotia, Singapore Branch
Bank of Taiwan
Bank of Tokyo-Mitsubishi UFJ
Barclays Bank Plc, Singapore Branch
BNP Paribas Singapore
CA Indosuez (Switzerland)
Canadian Imperial Bank of Commerce
Cathay United Bank, Singapore Branch
Chang Hwa Commercial Bank Limited
China CITIC Bank International Ltd
China Construction Bank
China Merchants Bank
CIMB Bank Berhad
Citibank Singapore Limited
Commonwealth Bank of Australia
Credit Agricole Corporate and Investment Bank
Credit Industriel ET Commercial
Credit Suisse (Singapore) Limited
CTBC Bank Co., Ltd
Deutsche Bank AG, Singapore (One Raffles Quay, South Tower)
DNB Bank ASA
DVB Bank SE (part of the DZ BANK Group)
DZ Bank AG, Singapore Branch
E.SUN Commercial Bank
EFG Bank Singapore
Emirates NBD, Singapore Branch
First Commercial Bank
Habib Bank Limited
Hang Seng Bank Ltd
Hong Leong Bank Berhad
HSH Nordbank AG
HSBC Bank (Singapore) Ltd
Hua Nan Commercial Bank Limited
ICBC Standard Bank Plc, Singapore Branch
ICICI Bank ltd
Indian Overseas Bank
Industrial and Commercial Bank of China
ING Bank N.V.
Intesa Sanpaolo SpA
JPMorgan Chase Bank, N.A.
KBC Bank N.V.
KEB Hana Bank of Singapore
Korea Development Bank, The
Krung Thai Bank Public Company
Land Bank of Taiwan
Lloyds Bank plc
Macquarie Bank Ltd, Singapore Branch
Mega International Commercial Bank
Mitsubishi Trust and Banking Corporation
Mizuho Bank Limited
Morgan Stanley Asia International
National Australia Bank Limited
National Bank of Kuwait (NBK)
Nordea Bank S.A., Singapore Branch
Norinchukin Bank (Offshore Bank)
Northern Trust Company
Philippine National Bank
PT Bank Mandiri (Persero)
PT Bank Negara Indonesia (Persero)
Qatar National Bank (QPSC)
Raiffeisen Bank International
RHB Bank Berhad
Royal Bank of Canada
Royal Bank of Scotland Plc
Shanghai Commercial & Savings Bank
Siam Commercial Bank Public Company
Skandinaviska Enskilda Banken AB
Standard Chartered Bank
State Bank of India
Sumitomo Mitsui Banking Corp
Sumitomo Mitsui Trust Bank Ltd
Taipei Fubon Commercial Bank
Taishin International Bank
The Hokkoku Bank
The Iyo Bank, Singapore Branch
UBS AG, Singapore (One Raffles Quay, North Tower)
UCO Bank, Singapore
UniCredit Bank AG, Singapore Branch
Union de Banques Arabes et Francaises
Wells Fargo Bank, N.A.
Westpac Banking Corp
Woori Bank, Singapore Branch
Toronto Dominion Bank
VTB Capital plc (Singapore)