Discovering Singapore 2022

Money and Banking Banks Singapore is a flourishing financial centre of international repute servicing not only its

domestic economy but also the entire Asia Pacific region. The banking industry is a key player in the country’s financial market segment, soon emerging as one of the strongest in the world.

Major local banks:

+ DBS (Development Bank of Singapore) established in 1968, is considered the largest bank in Singapore and Southeast Asia, as measured by assets. It is a leading consumer bank in Singapore and Hong Kong, serving over 4 million and 1 million retail customers respectively. It also has the largest retail network in Singapore, with 80 branches at present. It ranked 14th in The Banker’s “Top 200 Asian Banks 2008”. + OCBC (Oversea Chinese Banking Corporation) established in 1912, is one of the largest financial institutions in the Singapore-Malaysia market with total assets of S$184 billion. It ranked 1st in “Top 5 Regional Banks”, Asia Risk End-User Survey 2008. + UOB (United Overseas Bank) established in 1935, is a leading bank in Singapore with a strong presence in the Asia-Pacific region. As at 31 December 2007, the UOB Group had total assets of S$175.0 billion. It was awarded the “Best Overall Fund Group in Singapore” during The Edge-Lipper Singapore Fund Awards 2008. Major foreign banks: + HSBC – In Singapore, The Hong Kong and Shanghai Banking Corporation Limited first opened its doors in December 1877. HSBC is an approved Primary Dealer in the Singapore Government Securities Market and an Approved Bond Intermediary (ABI). It is a QFB honoured with 33 awards at Global Finance Awards 2006 by Global Finance. + Standard Chartered – Standard Chartered’s Singapore operations began in 1859 and today boasts of a largest branch network (20) among international banks in the Republic. It is the Group’s second largest consumer banking market and was awarded a Qualifying Full Bank (QFB) licence in 1999. It is the largest custodian bank in Singapore for foreign institutions, rated top for the past seven years in Global Custodian’s Agent Bank Survey. + ABN-AMRO Singapore – ABN AMRO is now owned by RBS, Santander and the Dutch government. Its various businesses around the globe are currently being separated from ABN AMRO and integrated in line with each owner’s plans. + Maybank – Maybank’s presence in Singapore began in 1960 as a full-licensed commercial bank. Maybank is currently among the top five banks in ASEAN and is a Qualifying Full Bank in Singapore. As of June 2008, Maybank’s total assets amounted to S$22.7 billion in Singapore.

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Discovering Singapore 2022