Top List of Banks in Singapore
Banking in Singapore started with the opening of the Bank of Hindustan China and Japan Limited offices in 1828, followed by Standard Chartered Bank eight years later. After that, several locally owned banks were set up to support the growing economy. The banking system became fully integrated with neighbouring Malaysia and then with other overseas banks. Today, Singapore is one of the world's largest financial centres.
The financial institutions based in Singapore are granted the right to conduct banking and financial services like any other bank by The monetary authority of Singapore (MAS). Although some banks set up a presence in Singapore, they are not considered local commercial banks. That being said, let's now look at the banks making moves in Singapore today.
Developmental Bank of Singapore
The Developmental Bank of Singapore offers financing solutions, structured products, services and treasury. It was established in July 1968 to take over the industrial financing responsibilities of the Economic Development Board and has since grown into a leading financing institution. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia.
The bank currently has more than 100 branches and several ATMs to cater to its customer's needs. Its last asset was reported to SGD 650.81 billion (USD 476.68 billion)
United Overseas Bank
United Overseas Bank (commonly known as UOB) is a Singaporean multinational banking organisation headquartered in Singapore, with most branches mainly found in Southeast Asian countries. Founded in 1935 as United Chinese Bank, UOB was formed by merging three local banks.
UOB serves the needs of individuals and corporate customers in personal financial services, private banking, asset management, investment banking, treasury services and other activities. It manages more than 500 offices within the country and another 19 outside the country. Currently, its assets read SGD 431.81 (USD 316.27 billion)
OCBC is one of the oldest banks in Singapore, and It was formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. Combines all the strengths of a leading regional bank and a global bank, with over 600 branches with 18 countries having their offices across all regions
has the largest branch network and workforce in Singapore, a strong retail presence and market leadership in wealth management.
It reported assets worth SGD 521.40 billion (USD 381.89 billion) as of 2020.
Standard Chartered Bank
Standard Chartered Bank operates a network of more than 1,200 branches and outlets across more than 70 countries, with 17 branches in Singapore. It has employees totalling around 87,000 people. It is a universal bank with consumer, corporate and institutional banking, and treasury services operations. It does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa and the Middle East.
Standard Chartered Bank provides consumer, corporate, investment and private banking and credit cards. Its total assets as of 2020 sum up to SGD 111.4 billion (USD 81.59 billion)
Hong Leong Finance
Hong Leong Finance is a leading finance company in Singapore providing a diverse range of consumer financial products and services. Hong Leong Finance offers solutions to meet your varying needs, be it personal or business loans and borrowing requirements. It has the expertise and knowledge to advise you on various financing options that suit your needs. It helps with multiple services, including automobile financing, securities trading, bullion trading and money changing services.
It has 28 branches with 12 SME centres island-wide. The bank recorded an asset of SGD 13.36 billion (USD 9.79 billion)
Citibank Singapore Ltd. provides retail banking, private banking, and corporate banking services in Singapore. The bank offers consumer banking products and services, such as credit cards, personal loans, depository accounts, mortgages, insurance plans, and wealth management services. It also provides corporate services and banking products in financial control, treasury solutions, working capital solutions, trade finance solutions and merchant banking.
The company manages over 2600 branches across 160 countries. Its total assets are at SGD 46.56 billion (USD 34.10 billion)
HSBC is among the largest banking and financial services organisations. HSBC offers a comprehensive range of financial services such as consumer banking and financial services, corporate and investment banking, private banking, insurance and asset management.
Banks in Singapore are represented by conventional and Islamic commercial banking, investment banking, corporate and personal private banking, and development banking. They include both local and foreign banks. The bank operates over 4000 offices across 70 countries worldwide. They reported an asset value of SGD 28.09 billion (USD 20.57 billion) as of 2020.
The bank has two major business segments: the Bank in Singapore and Global Banking and Markets (GBM) Asia Pacific. Headquartered in Singapore, the Global Banking and Markets segment provides banking solutions to clients across the following sectors/product areas: cash management, global markets, corporate finance capital products, equities research, prime services, rates and currencies and syndicated loans.
Barclays Singapore is the biggest in Asia, serving the regional hub for all Asian private business banks. Its total assets sum up to SGD 20.22 trillion (USD 15.13 trillion)
State Bank of India (SBI)
State Bank of India boasts of being the largest bank in Singapore, offering a wide range of personal and business banking services. It was incorporated in Singapore as a commercial bank under the Banking Act on 12 June 1968. SBI Singapore is a wholly-owned subsidiary of SBI, India's largest Bank.
The bank has 22 branches with over 200 ATMs for its customers.it recorded a total of SGD 928.40million (USD 680 billion)
Bank of China
This is one of the 'big four' state-owned commercial banks in China. It was founded in 1912 by the Republic of China government to replace the Imperial Bank of China as a central monetary authority and has been one of the country's "Big Four" banks since its establishment. The Bank of China was introduced in Singapore in 1936 and has since qualified itself as an independent bank in Singapore.
The bank operates 1,377 overseas branches and representative offices in 49 countries and regions. It has several branches and ATMs in Singapore and other countries. It records an asset worth SGD 660 billion (USD 480 billion)
Which bank is the best for foreigners and ex-pats in Singapore?
UOB has been known for being expat-friendly. It is said to offer up to 10% cashback and competitive rates for expenditures overseas.