List of banks in Singapore
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This is a list of banks with operations in Singapore. Location of incorporation is provided in brackets for foreign banks. There are, at present, 111 commercial banks, 49 merchant banks, and 45 banks with representative offices in Singapore. (EFA=Exempt Financial Adviser; ACU=Asian Currency Unit; SGS=Singapore Government Securities Market)
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act. Since 18 July 2001, banks were no longer permitted to engage in non-financial activities.
In a bid to encourage consolidation of the local banking industry to form larger banking conglomerates better able to regionalise and compete with foreign banks, the government liberalised the banking sector by awarding greater liberty for foreign banks to operate in Singapore in 2001. Since then, the number of local full banks has shrunk by more than half to four today.
There are presently five locally incorporated full banks in Singapore, owned by three banking groups. These full banks have the liberty to provide any financial service as permitted by the Banking Act.
|Local Full Bank||EFA||Incorporated in||Local address||ACU||SGS|
|Bank of Singapore (part of OCBC Bank)||新加坡银行||Yes||Singapore||63 Market Street||Yes||No|
|DBS Bank Limited||星展银行有限公司||Yes||Singapore||12 Marina Boulevard||Yes||Pri|
|POSB (part of DBS Bank)||新加坡邮政储蓄银行||Yes||Singapore||12 Marina Boulevard||Yes||Pri|
|OCBC Bank||华侨银行有限公司||Yes||Singapore||65 Chulia Street||Yes||Pri|
|United Overseas Bank Limited (UOB)||大华银行有限公司||Yes||Singapore||80 Raffles Place||Yes||Pri|
There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore banks.
Although foreign banks with full bank licences can also offer most commercial banking services to clients compared to local banks, they are restricted in terms of number of branches and automated teller machines.
Qualifying full banks
Liberalisation of the banking sector saw the government creating a new category under the foreign banks category, called the Qualifying Full Bank (QFB). The first four licences were awarded on 20 October 1999 to ABN AMRO, Banque Nationale De Paris (now BNP Paribas), Citibank (transferred to newly locally incorporated Citibank Singapore on 28 June 2004) and Standard Chartered Bank. Two new licences were issued in December 2001 as part of the second phase of bank liberalisation, namely to the Hongkong and Shanghai Banking Corporation and Malayan Banking. These QFBs are permitted to operate up to 15 service locations.
In June 2004, the QFB licence was further liberalised. QFBs are permitted to establish up to 25 service locations of which up to 10 can be branches from 1 January 2005. These banks were permitted to share their ATM networks (this was achieved with five of the QFBs through atm5), and provide services via the EFTPOS network from 1 July 2002. On the same day, they are also permitted to provide the Central Provident Fund's Supplementary Retirement Scheme and Investment Scheme accounts and to accept CPF fixed deposits. In 2012, MAS announced new changes to the QFB scheme, requiring QFBs who are "important to the domestic market to locally incorporate their retail operations". Further, such QFBs, whose home countries have Free Trade Agreements with Singapore, will be able to operate up to 50 places of business.
|Qualifying Full Bank||EFA||Incorporated in||Local address||ACU||SGS|
|Australia and New Zealand Banking Group Limited||Yes||Australia||Raffles Place||Yes||Pri|
|BNP Paribas||Yes||France||20 Collyer Quay||Yes||No|
|Citibank International Personal Bank Singapore (Citibank Singapore Limited)||新加坡花旗銀行國際個人銀行||Yes||Singapore||23 Church Street||Yes||Yes|
|Citibank Singapore Limited||美国花旗银行新加坡分行||Yes||Singapore||3 Temasek Avenue||Yes||No|
|HSBC||香港上海滙豐銀行有限公司||Yes||Hong Kong SAR||21 Collyer Quay||Yes||Pri|
|Maybank Berhad||Yes||Malaysia||2 Battery Road||Yes||Sec|
|Standard Chartered Bank||渣打银行||Yes||United Kingdom||6 Battery Road||Yes||Pri|
|State Bank of India||ஸ்டேட் பேங்க் ஆப் இந்தியா||Yes||India||135 Cecil Street||Yes||No|
|ICICI Bank Limited||Yes||India||9 Raffles Place||Yes||No|
|Bank of China||中国银行||Yes||China||4 Battery Road||Yes||Sec|
|Industrial and Commercial Bank of China||中国工商银行||Yes||China||6 Raffles Quay||Yes||Sec|
Wholesale bank licences were first issued in December 2001 to replace the "Restricted Bank (RB)" licence as a reflexion of greater services which may be conducted by these banks. These banks may conduct the same range of services as full banks, except that they do not deal with banking activities in the Singapore Dollar, and can only have one main branch.
The typical activities of merchant banks include corporate finance, underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy, personal banking and other fee-based activities. Merchant banks may not accept sight or savings deposits or borrow from the public. However, they may accept deposits or borrow from banks, finance companies, shareholders and companies controlled by their shareholders.
Representative offices of banks
- "Financial Institutions Directory". mas.gov.sg. Monetary Authority of Singapore. Retrieved 8 September 2018.
- "Bank of Singapore renamed Singapore Island Bank".
- Yasmine Yahya (15 September 2015). "DBS to wind down Islamic banking unit". The Straits Times. Retrieved 8 September 2018.
- "Far Eastern Bank completes merger with UOB". Singapore Business Review. 31 August 2017. Retrieved 8 September 2018.
- "Wholesale banking licence for EFG in Singapore". Channel NewsAsia. Retrieved 24 April 2014.